Indian stock markets surged to new historic highs today, with major indices closing on a strong note in the final hour of trading. The S&P BSE Sensex surpassed the 83,000 level for the first time, hitting 83,020 points, while the Nifty 50 set a new record at 25,433 points, nearing the 25,500 mark.
Key Sectors Drive the Rally
The rally was led by gains in the banking and IT sectors, with additional support from the auto sector. Major stocks like Reliance Industries, Bharti Airtel, HDFC Bank, Infosys, and ICICI Bank contributed significantly to the Nifty 50's 470-point surge. Hindalco was the top gainer, rising 4.5%, followed by companies like Bharti Airtel, NTPC, Mahindra & Mahindra, and others, all posting gains between 3% and 4.5%.Market Performance and Monthly Gains
At the close of the day, the Nifty 50 gained 1.89%, ending at 25,388.90 points, while the Sensex rose 1.77%, closing at 82,962 points. This rally has helped both indices turn positive for the month, with the Nifty 50 up by 0.7% and the Sensex by 0.72% in September.Global Factors Boosting Sentiment
Experts have attributed the rally to multiple global factors:- U.S. Inflation Data: A lower-than-expected rise in the U.S. consumer price index (CPI) has reduced the chances of a significant interest rate hike by the U.S. Federal Reserve, boosting global market sentiment.
- Chinese Rate Cut Buzz: Speculation around China cutting rates to stimulate its real estate and commodity markets has also added a positive boost to Indian stocks.
- ECB Rate Cut Optimism: Expectations of a 25-basis point rate cut by the European Central Bank (ECB) also fueled positive sentiment, encouraging investors to buy.