Indian Benchmark indices touched new highs on September 12, 2024, with the BSE Sensex closing at 82,962.71, up 1.77 per cent, while the NSE benchmark index, Nifty, ended at 25,388.90, up 1.89 per cent.
The US inflation data of September 11, 2024 reinforced investor expectations of a 25 basis point (bps) Federal Reserve rate cut, which flared market optimism. Towards the end of the session, the 30-share index of the BSE crossed the crucial 83,000 mark to hit a high of 83,116.19, but retraced soon.
The broader indices, the BSE MidCap index, advanced 1.3 per cent, while the BSE SmallCap index rose 0.8 per cent. Narendra Solanki, head - fundamental research - investment services, Anand Rathi Shares and Stock Brokers said the news of China cutting rates by 50 bps on $5 trillion mortgages to boost consumption also boosted market sentiments.
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Indian Benchmark indices touched new highs on September 12, 2024, with the BSE Sensex closing at 82,962.71, up 1.77 per cent, while the NSE benchmark index, Nifty, ended at 25,388.90, up 1.89 per cent.
The US inflation data of September 11, 2024 reinforced investor expectations of a 25 basis point (bps) Federal Reserve rate cut, which flared market optimism. Towards the end of the session, the 30-share index of the BSE crossed the crucial 83,000 mark to hit a high of 83,116.19, but retraced soon.
The broader indices, the BSE MidCap index, advanced 1.3 per cent, while the BSE SmallCap index rose 0.8 per cent. Narendra Solanki, head - fundamental research - investment services, Anand Rathi Shares and Stock Brokers said the news of China cutting rates by 50 bps on $5 trillion mortgages to boost consumption also boosted market sentiments.
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Which Stocks Drove Gains?
Among the Nifty 50 pack, the gainers were Hindalco (4.15 per cent), Bharti Airtel (3.56 per cent), NTPC (3.36 per cent), Shriram Finance (3.36 per cent), Mahindra & Mahindra (up 3.26 per cent) and Grasim Ltd (2.94 per cent).
All stocks in the Sensex pack ended in the green, barring Nestle (India). Reliance Industries (RIL), up 1.95 per cent, was the top contributor to the Sensex’s gains, followed by HDFC Bank, which rose by Rs 22.70, and Bharti Airtel, which gained Rs 68.95 (4.37 per cent). Other stocks with the highest market caps include SBI, which rose 2.49 per cent, and Infosys (2.11 per cent).
Electronics manufacturer Kaynes Technology, which rose Rs 502.85 with 10.78 per cent gain, Syrma SGS Technology, which gained 10.52 per cent, and Engineers India (EIL) were among the major gainers. NBFC Sundaram Finance saw over 6 per cent gains.
