September 20, 2024
New Delhi, India
The Sensex and Nifty hit new record highs on Friday, with Sensex closing 1,360 points higher at 84,544 and Nifty 50 surging past 25,750, buoyed by strong gains in financials, autos, and metals. The rally was driven by a significant U.S. Federal Reserve interest rate cut and growing optimism for a soft landing for the U.S. economy, increasing global risk appetite.
Key Highlights:
- Sensex: Closed at 84,544, up 1,359.5 points (+1.6%)
- Nifty 50: Surged to 25,791, up 1.48%
- Nifty Bank: Reached an all-time high of 53,793, gaining nearly 3%
- Top Gainers: Mahindra & Mahindra (M&M), ICICI Bank, JSW Steel, Bharti Airtel, and L&T
- Top Losers: Grasim Industries, SBI, IndusInd Bank, TCS, and Bajaj Finance
- Sectoral Performance: All sectors closed in the green except for Nifty PSU Bank. Nifty Realty, Financials, Auto, and Metals were among the top performers, with all sectors gaining between 1-3%.
- Midcap and Smallcap Indices: Rose 1% each
Sector-Wise Performance:
- Nifty Auto and Metals sectors led the charge, with companies like M&M, JSW Steel, and Eicher Motors hitting record highs.
- Nifty Bank surged to a record high, led by ICICI Bank, which posted a 4% gain, its largest single-day rise since April.
- Nifty Realty also performed strongly, buoyed by broader market optimism.
- IIFL Finance surged 7% after the RBI lifted the ban on its gold loan business.
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Broader Market Performance:
The Nifty Midcap index rose 857 points to reach 60,209, reflecting solid gains in the broader market. Reliance Infrastructure and Reliance Power extended their winning streaks, while Cochin Shipyard and Garden Reach saw sharp gains of around 10% in shipbuilding stocks.
The market rally reflected widespread optimism, supported by positive developments in global and domestic markets. Mahindra Group regained a market capitalization of ₹6 lakh crore, further boosting investor sentiment.
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