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Stock Market Updates: The market on Thursday opened at a record high as US Fed hinted at 3 rate cuts in 2024. The Sensex was up 656.84 points or 0.94 percent at 70,241.44, and the Nifty was up 187.30 points or 0.90 percent at 21,113.60. About 1952 shares advanced, 353 shares declined, and 70 shares unchanged.
The GIFT Nifty rose more over 200 points in the morning.
The US Federal Reserve on Wednesday left benchmark rates unchanged, but more importantly indicated that the tightening of monetary policy was likely over. Fed chair Jerome Powell also hinted at rate cuts in 2024, something which the market had not been expecting.
Market observers are pencilling in as much as three rate cuts in 2024.
Moreover, on Wednesday, Benchmark equity indices eked out marginal gains following late buying in capital goods, auto and utility stocks as investors adopted a cautious approach ahead of the US Fed interest rate decision.
The 30-share BSE Sensex advanced 33.57 points or 0.05 per cent to settle at 69,584.60, driven by late buying. During the day, it fell 450.47 points or 0.64 per cent to 69,100.56.
The Nifty gained 19.95 points or 0.10 per cent to 20,926.35.
Among the Sensex firms, NTPC, Power Grid, Mahindra & Mahindra, Larsen & Toubro, Sun Pharma, State Bank of India, Titan and Tata Steel were the major gainers. Tata Consultancy Services, Infosys, Axis Bank, Bajaj Finserv, UltraTech Cement and Bajaj Finance were the major laggards.
In the broader market, the BSE midcap gauge climbed 1.06 per cent and smallcap index gained 0.73 per cent. Among the indices, services climbed 1.50 per cent, realty jumped 1.45 per cent, utilities (1.33 per cent), power (1.25 per cent), auto (1.17 per cent) and consumer discretionary (0.85 per cent).
In contrast, IT, telecommunication, bankex, oil & gas and teck were the laggards.
In Asian markets, Seoul, Shanghai and Hong Kong settled lower while Tokyo ended in the positive territory. European markets were trading with gains.
The US markets ended in positive territory on Tuesday.
Foreign institutional investors (FIIs) were buyers on Wednesday as they bought equities worth Rs 4,710.86 crore, according to exchange data.
Snapping its declining trend, retail inflation rose to a three-month high of 5.55 per cent in November on firming food prices, including vegetables and cereals, though it remains within the RBI’s comfort zone of less than 6 per cent.
After a two-day rally, the BSE benchmark fell by 377.50 points or 0.54 per cent to settle at 69,551.03 on Tuesday.
The Nifty declined 90.70 points or 0.43 per cent to 20,906.40.
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