Nifty moves close to 25k level

Mumbai: Benchmark BSE Sensex rose by nearly 286 points to close at a record high while Nifty settled above 24,950 level on Wednesday, extending their winning run to the fourth day on gains in metal, power and select auto shares.

The 30-share BSE Sensex settled higher by 285.94 points or 0.35 per cent at 81,741.34 -- its all-time closing high -- with 20 of its components advancing and 10 ending lower. The index opened higher and jumped 372.64 points or 0.45 per cent to hit an intra-day high of 81,828.04. The NSE Nifty rose 93.85 points or 0.38 per cent to close at an all-time high of 24,951.15. During the day, it surged 127.3 points or 0.51 per cent to hit a high of 24,969.35.

“The domestic market is attempting to cross above the psychological threshold of 25,000, as subdued Q1FY25 earnings and stretched valuations are curbing the challenge, while positive global trends and sector rotation are supporting the traction,” Vinod Nair, head (research), Geojit Financial Services.

The market capitalisation of BSE-listed companies jumped to a life-time peak of Rs462.38 lakh crore ($5.52 trillion) on Wednesday helped by a four-day rally in benchmark indices, making investors richer by Rs5.45 lakh crore.

“Positive global sentiment driven by expectations of an easing interest rate cycle by the US Fed and the RBI in the medium term, owing to benign inflation, ignited the rally,” Nair added.

At the market close, the BSE smallcap gauge fell 0.14 per cent to in the broader market. However, BSE MidCap gauge jumped 0.86 per cent. During the day, both the indices hit their all-time high level.

Prashanth Tapse, aenior V-P (research) at Mehta Equities, said: “Nifty ended comfortably in the green ahead of the FOMC outcome, closing just shy of the psychological 25,000 mark, signifying the bulls’ continued strength on Dalal Street.”