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Image Source : FILE Business stock exchange building.
In a remarkable upswing, the stock market witnessed significant gains on Thursday, the day of the weekly expiry. The trading day began with substantial momentum, propelling both Sensex and Nifty to record lifetime highs. The BSE Sensex opened with a surge of 620.52 points, reaching 70,205.12 points. Simultaneously, the NSE Nifty soared by 181.85 points, touching 21,108.20 points. These levels mark the highest ever for both indices.
Image Source : BSESensex
Dalal Street resumed its party on Thursday, with the benchmark indices zooming in early trade on the back of a dovish stand by the US Federal Reserve that has spurred hopes of rate cuts by the American central bank in the coming months. At 9:24 AM, BSE Sensex was up over 650 points at 70,238, a rise of 0.94%.
Nifty50 also surged over 180 points to 21,111, a rise of 0.88%. Domestic stock markets had been lacklustre on Wednesday as investors had awaited the outcome of the US Federal Reserve’s policy decision. Siddhartha Khemka, Head of Retail Research at Motilal Oswal had said that he expects the market momentum to continue on the higher side, supported by lower-than-expected inflation data, a fall in oil prices, and FII buying. The Nifty showed an upside recovery on Wednesday, according to ET, indicating the possibility of further upside in the short term. Nagaraj Shetti of HDFC Securities mentioned that there is a higher chance of the Nifty reaching all-time highs of 21040+ levels in the near future. Immediate support is provided at 20770.
The Dow Jones industrial average reached a new record closing high for the first time since January 2022. The S&P 500 and Nasdaq also rallied by more than 1% each on Wednesday after the Federal Reserve indicated that it would end its interest rate-hiking policy and expects lower borrowing costs in 2024. The Dow increased by 1.4%, the S&P 500 rose by 1.4%, and the Nasdaq gained 1.4%. Asian traders reacted positively to the Fed’s “dot plot” adjustment, which indicates a faster pace of rate cuts next year. Oil prices rose in early Asian trade on Thursday, continuing their gains from the previous session. This followed a larger-than-expected weekly withdrawal from US crude storage and the Fed’s signaling that it will reduce borrowing costs in 2024.
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