sensex-gains-91-points-nifty-crosses-25-400-for-first-time

Sensex gains 91 points; Nifty crosses 25,400 for first time

The benchmark Sensex rose by 90.88 points (0.11%) to close at a fresh lifetime high of 83,079.66, extending its record-setting spree for the second day. Nifty gained 34.80 points (0.14%) to settle at a new all-time peak of 25,418.55, crossing the 25,400 level for the first time.

News Arena Network - Mumbai - UPDATED: September 17, 2024, 04:32 PM - 2 min read

Sensex gains 91 points; Nifty crosses 25,400 for first time

Key contributors to the Sensex's gains included Bharti Airtel, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank, Titan, Larsen & Toubro, ICICI Bank, Bajaj Finance, Hindustan Unilever, and Reliance Industries.

India’s benchmark Sensex rose nearly 91 points on Tuesday, closing at a fresh lifetime high, while the Nifty index settled above the 25,400 mark for the first time, driven by firm global market trends ahead of the U.S. Federal Reserve's much-anticipated decision on interest rates.

The 30-share BSE Sensex climbed 90.88 points, or 0.11%, to finish at a record 83,079.66. Earlier in the day, the index had risen 163.63 points, or 0.19%, reaching 83,152.41. Meanwhile, the NSE Nifty advanced 34.80 points, or 0.14%, to close at an all-time high of 25,418.55.

Key contributors to the Sensex's gains included Bharti Airtel, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank, Titan, Larsen & Toubro, ICICI Bank, Bajaj Finance, Hindustan Unilever, and Reliance Industries. In contrast, Tata Motors, Tata Steel, Adani Ports, JSW Steel, ITC, and Asian Paints were the major decliners.

The rise in Indian markets mirrored positive global trends, with Hong Kong closing higher and European markets also trading in positive territory. Tokyo finished lower, while markets in mainland China and South Korea remained closed. U.S. markets ended mostly higher on Monday.

“The Indian market demonstrated a subtle positive momentum, driven by the anticipation of a rate cut cycle by the U.S. Fed. While a 25-basis-point cut is largely expected, the market remains tuned in to the Fed’s comments on the economy’s health and the future trajectory of rate cuts,” said Vinod Nair, Head of Research at Geojit Financial Services.

In other economic news, India’s wholesale inflation fell for a second consecutive month, declining to 1.31% in August, government data showed, largely due to cheaper vegetables, food, and fuel.

Foreign institutional investors sold off equities worth ₹1,634.98 crore on Monday, according to exchange data.

Elsewhere, the global oil benchmark Brent crude dipped 0.25% to $72.52 per barrel.

On Monday, the Sensex gained 97.84 points, or 0.12%, to close at a record 82,988.78, while the Nifty climbed 27.25 points, or 0.11%, to finish at 25,383.75.