New Delhi: India’s benchmark stock market indices Sensex and Nifty settled at all time levels on Thursday, September 26, 2024. Both the market gauges again made fresh respective highs. The former closed 666 points higher at 85,836.12 points while the latter 0.81% higher at 26,216.05 levels. Among the Sensex pack, stocks like Maruti, Tata Motors, TCS, HCL Tech, Bajaj Finserv, Adani Ports Bharti Airtel, IndusInd Bank, Nestle, State Bank of India, Kotak Mahindra Bank, Axis Bank, etc led the rally. Mostly auto and PSU Bank stocks were the biggest gainers.
Thematic indices of the National Stock Exchange (NSE) like Nifty Auto finished trading session 2.26% higher while Nifty PSU Banks settled 1.02% higher on Thursday.
Albeit, in the broader market, Nifty Small Cap 50 was down 0.48%, while, BSE 250 Small Cap Index finished session 0.35% in red.
Global Rally:
Other Asian countries’ benchmark stock market gauges like that of Shanghai, Hong Kong and even Tokyo ended the day’s trading session in positive territory on Thursday. While, global oil benchmark Brent Crude was up 0.11% and traded at $73.57 per barrel.
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. Apparently, this has led the Asian markets to rally.
On the other hand, the US benchmark indices had declined in the previous trading session. The Conference Board’s consumer confidence index data had signaled fall in consumer confidence in September 2024 in New York. The index plunged to 98.7 in the month under consideration from 105.6 in the preceding month. This was the sharpest fall in last three years. This also reinstated peoples’ perception that recession fears haven’t gone anywhere.
In early morning trade on Thursday, India’s benchmark stock market indices Sensex and Nifty had opened in green. The former opened at 85,167.56 points while the latter at 26,005.40 levels
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