Nifty, Sensex Hit Record High On Fed Reserve's Dovish Stance
Indian benchmark indices Sensex and Nifty reached record highs on Thursday, with the U.S. Fed Reserve signaling an interest rate cut by the end of the next year. The U.S. central bank also decided to maintain the key interest rate at 5.38%. On the back of this, Sensex soared 955 points to touch a record high of 70,540 and Nifty soared 256.40 points to hit a record high of 21,182.70.
At close, Sensex was at 70,514.20, rising 929.60 points, or 1.34 percent, and Nifty ended 256.40 points, or 1.23, at 21,182.70. About 1,860 shares gained momentum, 1,573 declined, and 96 ended flat.
Broader market indices also advanced, with the Nifty Midcap 100 and the Nifty Smallcap 100 zooming 1.31 percent and 0.85 percent, respectively. Nifty 500, the broadest index on the NSE, added 1.19 percent.
On the sectoral front, the Nifty Healthcare and Nifty Consumer Durables dipped moderately. Nifty Realty and Nifty IT index were the top gainers, up 3.88 percent and 3.5 percent, respectively. Experts believe that Nifty may aim for 21,500 in the next few days on the back of the U.S. Fed Reserve”s rate cut move.
Religare Broking, SVP-Technical Research Ajit Mishra prefers banking and IT majors as the best investment options. However, he urged investors to invest with caution given that the market is in overbought condition.
