Sensex Settles Above 84,900; Nifty At Par With 25,940; Metal Stocks Rally
New Delhi: After India’s benchmark stock market index Sensex crossed the coveted 85,000 mark in the opening trade on Tuesday, September 2024. The 30 constituent index settled at 84,929.25 points after the end of the session. While, broader index Nifty settled at 25,940.40 levels after it narrowly missed going past 26,000 mark earlier in the day. Among the Sensex pack, Tata Steel, Power Grid, Tech Mahindra, HCL Tech, M&M, JSW Steel, Tata Motors, Bharti Airtel and Maruti were the biggest gainers.
In last one year, investors have made nearly 29% return in Sensex, while, NSE’s Nifty is up 32%. Since, Covid-19 pandemic, both the indices are up 3x. India’s stock market has been the best performing market in the world since the pandemic.
Asian Markets Buoyant After China Cuts Rates
On Tuesday, Chinese Central Bank, the People’s Bank of China vowed to cut key policy interest rates to give much needed stimulus to its falling economy. Beijing said the central bank would lower the Reserve Requirement Ratio (RRR) by 50 basis points and seven days reverse repurchase rate by 20 bps from 1.50% to 1.30%. These moves are expected to infuse $142 billion worth of liquidity in their economy. As a result, other Asian markets Shanghai, Hong Kong and even Tokyo traded at higher levels on Tuesday.
US Markets Too At All time High Levels!
The US markets had ended in green on Monday. Foreign Institutional Investors (FIIs) had bought equities worth Rs 404.42 crore in India, according to exchange data. India’s domestic indices had settled at all time high levels. Sensex had ended the day’s trading session 384 points higher at 84,928.61 points, while, Nifty surged 148 points and closed at 25,939.05 levels. Global markets have been rallying ever since the US Central Bank Federal Reserve kick started the highly awaited interest rate cut cycle last week. The Fed cut its benchmark interest rate by 0.50%. It was the first slashing of the rates in last four years. This has so far proved to be catalyst for equities all around the world.
While, global oil benchmark Brent Crude was buoyant on Tuesday and traded 1.78% higher at $75.68 per barrel.
