Sensex Closes Above 85,000 mark, Nifty Settles Above  26,000; Media Stocks Lead Rally

New Delhi:New Delhi: India’s domestic stock market indices Sensex and Nifty ended the trading session at nearly all time high levels on Wednesday, September 25, 2024.  The former closed at 85,169.87   points while the latter at 26,004.15 levels. Among the 30 Sensex firms, Stocks like Power Grid, , Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, M&M, HDFC Bank, Tata Steel, ITC etc  were amongst the biggest gainers. Mostly media stocks rallied on Wednesday

Thematic index of the National Stock Exchange (NSE) Nifty Media closed the trading session 2.81% higher.

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.

On Tuesday, Chinese Central Bank, the People’s Bank of China had vowed to cut key policy interest rates to give much needed stimulus to its falling economy. Central bank governor Pan Gongsheng  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, Asian markets of Shanghai and Hong Kong became buoyant. Both indices closed in green on Wednesday. While, Tokyo’s market gauge has ended flat. While, global oil benchmark Brent Crude was down 0.21% and traded at $74.96 per barrel.

India’s domestic stock market indices Sensex and Nifty had opened in red in the morning trade on Wednesday.  The former opened at 84,836.45  points while the latter at 25,899.45 levels. US stock market gauges had closed in positive territory on Tuesday. Foreign Institutional Investors (FIIs) had offloaded equities worth Rs 2,784.14 crore.