Indian Stocks Close On Upbeat Note; Sensex
2024-09-16
1631
(fxcue news) - Key Indian stock indexes Sensex and the Nifty50 climbed to fresh all-time highs on Friday as markets tracked the overnight gains on Wall Street and opened on an upbeat note.
Automobile, bank, FMCG, Metal, Realty, healthare and consumer durables stocks were in demand.
The benchmark BSE Sensex, which surged to 84,694.46, ended with a big gain of 1,359.51 points or 1.63% at 84,544.31. The broader Nifty50 index of the National Stock Exchange settled with a gain of 375.15 points or 1.48% at 25,790.95, after hitting a high of 25,849.25.
Investors presumably felt more funds will flow into the Indian equity markets from institutional buyers following the big interest rate cut by the Federal Reserve on Wednesday, and the hint that the U.S. central bank will likely announce further reductions in rates in the coming months.
Mahindra & Mahindra rallied 5.6%. ICICI Bank, JSW Steel, Larsen & Toubro, Bharti Airtel, Nestle and Hind Unilever climbed 2 to 4%.
Adani Ports gained nearly 2% after the company said that it has signed an MoU with Rorix Holdings to revolutionize the commodities market ecosystem.
HDFC Bank, Tech Mahindra, Maruti Suzuki, Power Grid Corporation, Kotak Bank, Tata Steel, UltraTech Cement, Bajaj Finserv, ITC, HCL Technologies and Reliance Industried gained 1 to 2%.
Coal India, Eicher Motors, Adani Ports, BPCL, Adani Enterprises, SBI Life and Britannia Industries posted strong gains.
The market breadth was strong. On BSE, 2,442 stocks closed higher, and 1,502 stocks drifted down, while 115 stocks ended flat.
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