Indian stock indices resumed their upward move on Thursday after a one-day pause in the previous session after the US Federal Reserve surprised global markets with the first rate cut in four years, which was bigger than expected. The Sensex rose as much as 825 points to hit an all-time high of 83,773.61 and the Nifty 50 index touched an intraday high of 25,611.95. However, markets moved away from record highs due to profit-taking at record highs.
The Sensex rose 237 points to close at 83,184 and the Nifty 50 index rose 38 points to close at 25,416.
U.S. stock index futures rose on Thursday, with those tracking the Nasdaq climbing nearly 2 percent after the Federal Reserve decided to start its easing cycle with a half-percentage point cut, helping to provide a soft landing for the world’s largest economy.
Rate-sensitive growth stocks such as Microsoft, Meta and Alphabet, which have led much of this year’s rally, each advanced more than 1.5 percent in premarket trading.
Chip stocks also gained ground: Nvidia rose 2.8 percent, Advanced Micro Devices gained 3 percent and Broadcom rose 3.4 percent.
In the country, seven of the 13 sectoral indicators compiled by the National Stock Exchange ended higher, led by the 0.6 per cent rise in the Nifty Consumer Durables index. The Nifty Private Bank, FMCG, Bank, Financial Services and Realty indices also rose between 0.4 and 0.6 per cent.
On the other hand, IT, media, metals, pharmaceuticals and state-owned bank stocks faced selling pressure.
Midcap and smallcap stocks faced selling pressure as the Nifty Midcap 100 index fell 0.53 per cent and the Nifty Smallcap 100 index declined 1.06 per cent.
NTPC was the top gainer on the Nifty, the stock rising 2.4 per cent after the company announced plans to launch IPO from its green energy division NTPC Green Energy.
Titan, Be protected India, Square Mahindra Bank, Tata Consumer Products, Unilever Hindustan Bharti Airtel, Maruti Suzuki and Bajaj Auto also rose between 1 and 1.8 percent.
On the other hand, Bharat Petroleum, Coal India, ONGC Adani Ports, Shriram Finance, Larsen & Toubro, TCS HCL Technologies and Dr Reddy’s Labs were among the losers.
The overall market breadth was extremely negative as 2,722 stocks closed lower while 1,255 closed higher on the BSE.
(With contributions from Reuters)
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