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Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, settled at new record highs on Thursday following a more than expected 50 basis points rate cut by the US Federal Reserve.
The BSE Sensex climbed 236.57 points or 0.29 percent to close at an all-time high of 83,184.80. It surged 825.38 points or 0.99 percent to hit a new intra-day record high of 83,773.61 during the trading session but gave up some gains at the close.Nifty settled at 25,415.80 after gaining 38.25 points.
NTPC, Nestle, Titan, Kotak Mahindra Bank, Maruti, Hindustan Unilever, Bharti Airtel, and HDFC Bank were the top gainers among the Sensex while HCL Technologies, Tata Consultancy Services, Adani Ports, Larsen & Toubro, JSW Steel, State Bank of India, Tech Mahindra, and Bajaj Finance were the laggards.
The BSE smallcap gauge fell 1.06 percent, while the midcap index dropped 0.53 percent. Among the sectoral indices, consumer durables rose 0.64 percent, followed by realty (0.47 percent), bankex (0.46 percent), consumer discretionary (0.34 percent), and auto (0.32 percent).
Several sectors witnessed declines, with telecommunication leading at 3.89 percent, followed by oil & gas at 1.81 percent, industrials at 1.56 percent, services at 1.22 percent, and IT at 0.48 percent.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market. However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities said that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
Meanwhile, Foreign Institutional Investors (FIIs) bought equities worth Rs 1,153.69 crore on Wednesday, according to the exchange data.
In the global markets, US stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
The BSE Sensex climbed 236.57 points or 0.29 percent to close at an all-time high of 83,184.80. It surged 825.38 points or 0.99 percent to hit a new intra-day record high of 83,773.61 during the trading session but gave up some gains at the close.Nifty settled at 25,415.80 after gaining 38.25 points.
NTPC, Nestle, Titan, Kotak Mahindra Bank, Maruti, Hindustan Unilever, Bharti Airtel, and HDFC Bank were the top gainers among the Sensex while HCL Technologies, Tata Consultancy Services, Adani Ports, Larsen & Toubro, JSW Steel, State Bank of India, Tech Mahindra, and Bajaj Finance were the laggards.
The BSE smallcap gauge fell 1.06 percent, while the midcap index dropped 0.53 percent. Among the sectoral indices, consumer durables rose 0.64 percent, followed by realty (0.47 percent), bankex (0.46 percent), consumer discretionary (0.34 percent), and auto (0.32 percent).
Several sectors witnessed declines, with telecommunication leading at 3.89 percent, followed by oil & gas at 1.81 percent, industrials at 1.56 percent, services at 1.22 percent, and IT at 0.48 percent.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market. However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities said that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
Meanwhile, Foreign Institutional Investors (FIIs) bought equities worth Rs 1,153.69 crore on Wednesday, according to the exchange data.
In the global markets, US stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
