Sensex Today: Benchmark equity indices, BSE Sensex and NSE Nifty, ended Thursday’s trading session at record high closing levels, with gains of over 1 per cent each, fueled by massive buying across sectors.
The BSE Sensex added 1,439.55 points or 1.77 per cent to settle at 82,962.71. The index hit an all-time high of 83,116.19 during the intra-day trade.
Mirroring the Sensex, Nifty50 too settled higher at 25,388.90, up 470.45 points or 1.89 per cent. The index hit an all-time high of 25,433.35 during the intra-day trade on Thursday.
The session ended in favor of the bulls as all the constituent stocks of the Nifty 50, except Nestle India, ended in green. Gains were led by Hindalco Industries, Bharti Airtel, NTPC, Shriram Finance, and Mahindra & Mahindra, with gains of up to 4.15 per cent on Thursday.
Similarly, on the BSE, all the constituent stocks of the Sensex, barring Nestle India, ended in the positive territory with gains led by Bharti Airtel, NTPC, JSW Steel, and Mahindra & Mahindra, up to 3.68 per cent.
What’s fueling D-Street bulls?
A significant number of short positions have accumulated in the system. As these shorts are being covered, it is driving the upward momentum in both the Nifty and Bank Nifty. This short-covering is contributing to the accelerated pace of the current market rally, said Nirav Harish Chheda, Technical and Derivatives analyst, Nirmal Bang.
Global Cues
US markets reversed an earlier sell-off to close higher on Wednesday. Brent crude prices rebounded from their three-and-a-half-year lows as a key inflation report cemented expectations that the US Federal Reserve will issue a 25-basis point rate cut next week.
Investors also parsed Tuesday night’s US Presidential debate to gauge potential policy shifts after the November election.
All three major US stock indices pulled a U-turn, transforming a sell-off into a rally by mid-afternoon. Tech stocks, particularly chips, were clear outperformers, putting the Nasdaq ahead of the pack.
The Dow Jones Industrial Average rose 124.75 points, or 0.31 per cent, to 40,861.71, the S&P 500 gained 58.6 points, or 1.07 per cent, to 5,554.12 and the Nasdaq Composite added 369.65 points, or 2.17 per cent, to 17,395.53.
European stocks ended the session essentially flat as investors shifted their focus to the European Central Bank and its rate decision expected on Thursday.
The pan-European STOXX 600 index rose 0.01 per cent and MSCI’s gauge of stocks across the globe gained 0.62 per cent.
Following that, markets in the Asia-Pacific region opened higher on Thursday. Japan’s Nikkei 225 jumped 3 per cent in early trades and Topix gained 2.48 per cent.
South Korea’s Kospi opened 1.2 per cent higher and the small cap Kosdaq advanced 2.5 per cent. Australia’s S&P/ASX 200 jumped 0.6 per cent, meanwhile, Hong Kong’s Hang Seng index futures were at 17,194, higher than the HSI’s last close of 17,108.71. Futures for mainland China’s CSI 300 stood at 3,181.6, lower than its Wednesday close at 3,186.13.
