Global cues spur Indian markets to new high

Mumbai: Benchmark Sensex closed above the historic 84,000-mark for first time, while Nifty settled at a new record high on Friday, powered by a rally in frontline bank stocks along with upbeat trends in the US and Asian markets.

The 30-share BSE Sensex jumped 1,359.51 points or 1.63 per cent to settle at an all-time high of 84,544.31. During the day, it soared 1,509.66 points or 1.81 per cent to hit the momentous intra-day peak of 84,694.46. The NSE Nifty surged 375.15 points or 1.48 per cent to close at a record 25,790.95 level. During the day, the gauge zoomed 433.45 points or 1.70 per cent to reach an all-time intra-day peak of 25,849.25.

“The Indian market has joined the rally following the 50bps Fed rate cut and super accommodative monetary policy. It is expected to bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust,” Vinod Nair, Head of Research, Geojit Financial Services said.

All key sectors contributed with realty, auto, and metal stocks leading the gains.

“Indian markets hit an all-time high as they cheered the Fed's rate cut. The 50 basis points rate cut was a positive surprise for global markets,” Krishna Appala, sr research analyst, Capitalmind Research.

On the weekly front, the BSE benchmark jumped 1,653.37 points or 1.99 per cent and Nifty surged 434.45 points or 1.71 per cent. Last Thursday, the 30-share BSE benchmark hit the 83,000-level for the first time.

“The Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE smallcap gauge jumped 1.37 per cent and midcap index climbed 1.16 per cent. Realty soared 3.21 per cent, capital goods (2.32 per cent), auto (2.12 per cent), industrials (2.08 per cent), metal (1.82 per cent), consumer discretionary (1.78 per cent), financial services (1.55 per cent), bankex (1.44 per cent) and healthcare (1.10 per cent).