Sensex Crosses 85,000 Mark; Nifty Nears 26,000 As Dalal Street Witnesses Record Shattering Bull Run
New Delhi: Investors are having dream bull run on the Dalal Street as India's benchmark stock market indices Sensex and Nifty scale new highs. On Tuesday, September 24, 2024, the 30 constituent Sensex crossed the coveted 85,000 mark, while, broader index Nifty inched closer to the 26,000 mark in early morning trade. Among the Sensex pack, JSW Steel, Tata Steel, Power Grid, Tata Motors, L&T, 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 higher.
US Markets Too At All time High Levels!
The US markets had also 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 traded in green on Tuesday 0.71% higher at $74.61 per barrel.
