Stock market rally today: BSE Sensex soars 500 points, Nifty50 tops 22,600 for the first time – Times of India

by The Technical Blogs


Stock market rally today: BSE Sensex and Nifty50, the Indian equity benchmark indices, hit fresh life-time highs in trade on Thursday. While BSE Sensex surged 500 points to hit the 74,501.73 mark, Nifty50 topped 22,600 levels for the first time. At 9:27 AM, BSE Sensex was trading at 74,263.89, up 387 points or 0.52%. Nifty50 was at 22,535.45, up over 100 points or 0.45%.
Equity markets traded with a negative bias on Wednesday, staying cautious ahead of the RBI monetary policy meeting on Friday and key macroeconomic data.
Siddhartha Khemka, Head – Retail Research at Motilal Oswal has said that the US Fed Chair Powell’s speech will be closely watched. He anticipates the market to consolidate in the coming days until the unfolding of events.
In the US, the S&P 500 and Nasdaq closed higher, albeit limited, after US Fed Chair Jerome Powell’s comments on interest rate cuts. Asian equities were poised for gains following Powell’s remarks on possible rate cuts by the Federal Reserve.
Oil prices rose on supply concerns and signs of economic growth in the US. The dollar remained below recent peaks, with traders viewing Powell’s comments as supportive of potential rate cuts. Stocks in F&O ban included Hindustan Copper, SAIL, and ZEE due to crossing the market-wide position limit. Foreign portfolio investors were net sellers, while DIIs bought shares.
The rupee fell against the US dollar due to foreign capital outflows and investor risk aversion. FII data showed a significant increase in net short positions. The market outlook suggests a cautious approach amid global economic uncertainties and upcoming events.


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