Indian equity markets reached unprecedented levels on Thursday, buoyed by encouraging global developments.
Both major indices, Sensex and Nifty, hit all-time highs in early trading, with Sensex peaking at 82,129 and Nifty at 25,078.
By 9:41 AM, the Sensex had risen 299 points, or 0.37%, to 82,040, while the Nifty climbed 101 points, or 0.41%, to 25,051.
The robust performance extended beyond the major indices, with midcap and smallcap stocks also seeing significant gains.
The Nifty midcap 100 index rose by 213 points (0.36%) to 59,222, and the Nifty smallcap 100 index increased by 90 points (0.47%) to 19,227.
The broader market showed a strong upward trend, with 1,503 shares advancing and 570 shares declining on the National Stock Exchange (NSE).
Leading the gains in the Sensex pack were stocks such as Maruti Suzuki, JSW Steel, Power Grid, Tata Motors, Tech Mahindra, Wipro, Axis Bank, NTPC, IndusInd Bank, and HDFC Bank.
Conversely, M&M, Sun Pharma, UltraTech Cement, Asian Paints, and Bajaj Finserv were among the notable decliners.
Globally, markets in Seoul, Bangkok, and Jakarta were experiencing positive movements, while Tokyo, Shanghai, and Hong Kong saw declines.
US markets had closed on a positive note on Wednesday, contributing to the upbeat global sentiment.
Market experts attributed the Indian stock market’s rally to recent statements by the Federal Reserve Chairman suggesting a possible rate cut in September.
The Fed’s indication that the US economy is normalizing has been seen as a boost for global equity markets.
However, experts also cautioned about geopolitical risks, particularly in West Asia.
The recent escalation of tensions following the killing of a top Hamas leader in Iran has raised concerns about potential regional conflicts and their impact on the markets.
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