Sensex, Nifty Close At Record High On Fed's Pivot Signal: Market Wrap
Infosys, HDFC Bank, ICICI Bank, Reliance Industries and Tata Consultancy Services led the gains.
![<div class="paragraphs"><p>Bombay Stock Exchange (Source: Vijay Sartape/NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2023-09%2F607e6d73-5404-433c-a904-6384a7752abf%2FWhatsApp_Image_2023_07_10_at_11_04_43__1_.jpeg?rect=0%2C0%2C1600%2C900&auto=format%2Ccompress&w=200)
The benchmark indices closed at an all-time high on Thursday as the US Federal Reserve raised hopes of an interest rate cut next year.
The NSE Nifty 50 was 256 points or 1.23%, higher at 21,182.70, while the S&P BSE Sensex was 930 points or 1.34%, up at 70,514.20.
The Nifty and the Sensex also hit an intra-day record high of 21,210.90 and 70,602.89 points, respectively.
"A bullish candle on daily charts and uptrend continuation formation on intraday charts support a further uptrend from the current levels," Shrikant Chouhan, head of equity research at Kotak Securities, said. "However, momentum indicators indicating the current texture is overbought and we could see one quick intraday correction from the current levels."
"With India continuing to post strong growth numbers and hopes of a rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term," Prashanth Tapse, senior vice president of research at Mehta Equities Ltd., said.
Shares of Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. contributed the most to the gains.
Power Grid Corp., HDFC Life Insurance Co., Nestle India Ltd., Cipla Ltd., and JSW Steel Ltd. weighed on the indices.
The broader markets underperformed, with the BSE MidCap rising 1.06% and the SmallCap advancing 0.62%.
Nineteen out of the 20 sectors compiled by the BSE advanced, while consumer durables declined.
The market breadth was skewed in favour of buyers. As many as 2,064 stocks advanced, 1,703 declined and 125 remained unchanged on the BSE.