July 12, 2024

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Sensex, Nifty Extend Gains To Hit Fresh New Highs

1 min read

Indian shares rose for the fifth straight session on Thursday to touch fresh record highs, as the dollar eased, and bond yields dipped on hopes that the Federal Reserve may unwind its restrictive policy sooner rather than later.

Investors are currently pricing in the first 25 bps rate cut in March, followed by two more 25 bps cuts in May and June due to slowing inflation.

Overall, markets eye 5 cuts in 2024 and 3 more cuts in 2025 so that rates reach 3.00-3.25 percent in 2025Q3.

Oil prices fell further on easing supply worries, adding to the optimism surrounding inflation and interest-rate outlook.

Oil prices were down around 1 percent in European trade as industry data showed an inventory build and major shipping companies announced they were returning to the Red Sea route with the deployment of the U.S.-led OPG.

The benchmark S&P BSE Sensex rose 371.95 points, or 0.52 percent, to 72,410.38 while the broader NSE Nifty index settled 1233.95 points, or 0.57 percent, higher at 21,778.70 led by PSU and auto stocks.

BPCL, Hero MotoCorp, Mahindra & Mahindra, NTPC and Coal India rallied 3-4 percent.

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2023-12-28 05:46:40

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