Sensex scales mount 83K, Nifty at lifetime high on rally in blue-chip stocks

A sharp fag-end rally drove the 30-share Bombay Stock Exchange (BSE) Sensex to the 83,000 level for the first time.
| Photo Credit: Reuters

Benchmark Sensex hit the historic 83,000 level for the first time on Thursday (September 12, 2024) and the Nifty settled at a lifetime high after a rally in blue-chip shares, surge in global markets, and foreign fund inflows.

A sharp fag-end rally drove the 30-share Bombay Stock Exchange (BSE) Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points, or 1.95%, to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade. The index closed at a record high of 82,962.71, up by 1,439.55 points, or 1.77%.

The NSE Nifty surged 470.45 points, or 1.89%, to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2%. Nifty and Sensex opened higher and traded in a range till late afternoon trade.

Among the 30 Sensex firms, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India, and Kotak Mahindra Bank were the biggest gainers.

Nestle emerged as the only laggard from the blue-chip pack.

“While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours,” said Ajit Mishra, SVP, Research, Religare Broking Limited.

In Asian markets, Seoul, Tokyo and Hong Kong settled with significant gains, while Shanghai ended marginally lower.

European markets were trading higher. Wall Street ended with sharp gains on Wednesday (September 12, 2024).

“Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2% has brought down the 12-month inflation to 2.5% from 2.9% earlier.

“This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2% the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,755 crore on Wednesday, according to exchange data.

FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.

Global oil benchmark Brent crude climbed 1.39% to $71.59 a barrel.

The BSE benchmark dropped 398.13 points, or 0.49%, to settle at 81,523.16 on Wednesday (September 11, 2024). The NSE Nifty declined 122.65 points or 0.49% to 24,918.45.