Stock Market today: Benchmark indices reached new a high yet again as Nifty crossed the 25,000 level mark on Thursday after remaining range bound earlier this week
The stock market witnessed another all-time high yet again as NSE Nifty crossed the 25,000 level mark on Thursday morning. Sensex followed the trail and surpassed the 82,000 level. This optimism came after the US Federal Reserve mentioned in its FOMC meeting that a rate cut might be on the plate in the September meeting.
Fed kept its interest rates unchanged for the 8th consecutive time at 5.25-5.50 per cent on 31 July. At 10:00 am, BSE Sensex was trading at 82,006 level, up by nearly 264 points. Whereas, NSE Nifty was playing around 25,000 level, up by 103 points.
Among Sensex shares, Maruti rose 2.93 per cent following its stellar June quarter results.
Adani Ports, Power Grid, JSW Steel, and Tata Steel were also among major gainers.
Gains in index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank shot the index to record high levels.
On the other hand, M&M, Sun Pharma, ITC, Infosys and TCS were among the losers, capping index gains. "The Fed chief signalling a possible rate cut in September is positive for global equity markets. More important, his comments that the US economy is normalising is a shot in the arm for bulls," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Indicating a rate cut by September, US Federal Reserve Chair Jerome Powell said that progress has been made in reducing inflation to the 2 per cent target which is a sign that the Fed is moving closer toward reducing the key interest rate for the first time in four years.
In Asian markets, Tokyo, Shanghai and Hong Kong were trading in the negative territory while Seoul was in the green on Thursday. Foreign institutional investors were net sellers in the capital markets on Wednesday and offloaded shares worth Rs 3,462.36 crore, according to exchange data.
(With inputs from PTI)