Sensex, Nifty settle at all time high levels, Auto, Construction Stocks Lead Rally
New Delhi: India’s benchmark stock market indices Sensex and Nifty closed trading session on Monday, September 23, 2024 at all time high levels. The former closed 384 points higher at 84,928.61 points while the latter surged 148 points and ended the day’s trading session at 25,939.05 levels. Among the Sensex pack, Stocks like Mahindra & Mahindra, Bharti Airtel, State Bank of India, Kotak Mahindra Bank, Hindustan Unilever, Ultra Cement, Tata Steel and Adani Ports were the biggest gainers. Auto, construction and private bank stocks led the rally in indices. While, IT stocks were the major laggards.
Except, Nifty IT, all other thematic indices of the National Stock Exchange (NSE) closed in green. Nifty PSU Bank jumped 3.41%. While, Nifty Auto closed 1.56% higher.
The broad based rally of India's domestic equities continues in the current week as well. On the other hand, the US markets had ended on a mixed note on Friday. Global oil benchmark Brent Crude climbed 0.09% higher at $74.55 per barrel.
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.
Subsequently, Foreign Institutional Investors (FIIs) had turned bullish on India once again last week after few days of selling. On Friday, the FPIs single day buying reached all time high levels in last three years. In cash market, the foreign investors had bought equities worth Rs 14,064 core on that very day.
Consequently, markets had settled at all time high levels on Friday. The 30 constituent Sensex had ended the day’s trading session at 84,544.31 points, while, the broader index Nifty closed at record 25,790.95 levels.
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