Benchmark stock market indices surged sharply in early trade, marking a historic milestone as the S&P BSE Sensex crossed the 84,000 mark for the first time, while the Nifty50 reached a fresh all-time high.
At 12:49 PM, the S&P BSE Sensex climbed 1,275.45 points to settle at 84,460.25, while the NSE Nifty50 gained 368.70 points, trading at 25,784.50. This positive momentum on Dalal Street follows a robust rally on Wall Street, buoyed by encouraging labour market data from the US and a larger-than-expected rate cut by the Federal Reserve.
Market analysts had anticipated this upward trend ahead of today’s market opening, citing the favourable global economic environment.
The surge was broad-based, with most sectoral indices, including small-cap and mid-cap stocks, rebounding sharply as investor risk appetite strengthened. Nifty Auto and Nifty Metal stood out as top gainers, while Nifty Bank and Nifty Financial Services made significant contributions to today’s rally.
All sectoral indices were trading in positive territory, except for Nifty Pharma, which experienced a marginal decline. The top five gainers on the Nifty50 included Mahindra & Mahindra (M&M), JSW Steel, Coal India, Eicher Motors, and Maruti Suzuki. Conversely, the top losers were Grasim, Cipla, TCS, NTPC, and Axis Bank.
The prevailing sentiment in the market reflects a growing confidence among investors.
As the trading session progresses, analysts continue to monitor global cues and domestic economic indicators, which will be crucial in sustaining this bullish trend. With the Sensex and Nifty hitting new highs, the focus will now shift to earnings reports and future economic data to gauge whether this rally can be sustained in the coming weeks.