Image used for representational purpose only.
| Photo Credit: PTI

Benchmark BSE Sensex jumped 388 points to breach the 82,000-level for the first time while broader Nifty spurted 108 points to hit the record 25,000-mark in early trade on August 1 after the U.S. Federal Reserve indicated a rate cut by September.

The 30-share BSE Sensex soared 388.15 points, or 0.47%, to hit an all-time intra-day high of 82,129.49 in early trade.

The broader Nifty of NSE scaled the record 25,000 level for the first time, rising 127.15 points, or 0.50%, to 25,078.30.

Among Sensex shares, Maruti rose 2.93% following its stellar June quarter results.

Adani Ports, Power Grid, JSW Steel, and Tata Steel were also among major gainers.

Gains in index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank shot the index to record high levels.

On the other hand, M&M, Sun Pharma, ITC, Infosys and TCS were among the losers, capping index gains.

“The Fed chief signalling a possible rate cut in September is positive for global equity markets. More important, his comments that the U.S. economy is normalising is a shot in the arm for bulls,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Indicating a rate cut by September, U.S. Federal Reserve Chair Jerome Powell said that progress has been made in reducing inflation to the 2% target which is a sign that the Fed is moving closer toward reducing the key interest rate for the first time in four years.

In Asian markets, Tokyo, Shanghai and Hong Kong were trading in the negative territory while Seoul was in the green on Thursday.

Foreign institutional investors were net sellers in the capital markets on Wednesday and offloaded shares worth ₹3,462.36 crore, according to exchange data.

A trader in a Mumbai stock broker’s office, reacts to the stock prices in the BSE sensitive Index. File phpoto
| Photo Credit: The Hindu

Benchmark equity indices Sensex and Nifty hit their fresh all-time peaks in early trade on Friday, May 24, 2024, amid buoyant investors’ sentiment days ahead of the results of the Lok Sabha polls announcement and fresh foreign fund inflows.

The 30-share BSE Sensex climbed 164.24 points to hit its all-time high of 75,582.28 in early trade. The NSE Nifty went up by 36.4 points to breach the 23,000 mark for the first time ever. It hit its lifetime peak of 23,004.05.

From the Sensex firms, Bajaj Finance, Larsen & Toubro, Tata Steel, State Bank of India, HDFC Bank and Bharti Airtel were the major gainers.

Mahindra & Mahindra, Tata Consultancy Services, Maruti and JSW Steel were among the laggards.

Foreign Institutional Investors (FIIs) turned buyers on Thursday after days of offloading equities. They bought equities worth ₹4,670.95 crore on Thursday, according to exchange data.

The results of the ongoing general elections will be declared on June 4.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

Wall Street ended in negative territory on Thursday.

Global oil benchmark Brent crude climbed 0.05 per cent to USD 81.40 a barrel.

“Yesterday, Nifty neared the 23,000 mark, driven by investor optimism about the current regime’s continuation in the upcoming general elections,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

With nearly a fortnight left for the results of Lok Sabha polls, benchmark stock indices Sensex and Nifty zoomed more than 1.6 per cent to close at lifetime high levels on Thursday.

Regaining the 75,000 level, the BSE Sensex ended at an all-time peak of 75,418.04, up by 1,196.98 points or 1.61 per cent. The NSE Nifty inched closer to the 23,000 mark during the day on Thursday. The 50-issue index went up by 369.85 points or 1.64 per cent to 22,967.65.