Stock markets close higher for 4th straight day; metal, power shares gain  

BSE, NSE, Sensex, Nifty, Stock market

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Mumbai: Benchmark BSE Sensex rose by nearly 286 points to close at a record high while Nifty settled above 24,950 level Wednesday, extending their winning run to the fourth day on gains in metal, power and select auto shares.

The 30-share BSE Sensex settled higher by 285.94 points or 0.35 per cent at 81,741.34 — its all-time closing high — with 20 of its components advancing and 10 ending lower. The index opened higher and jumped 372.64 points or 0.45 per cent to hit an intra-day high of 81,828.04.

The NSE Nifty rose 93.85 points or 0.38 per cent to close at an all-time high of 24,951.15. During the day, it surged 127.3 points or 0.51 per cent.

“The domestic market is attempting to cross above the psychological threshold of 25,000, as subdued Q1FY25 earnings and stretched valuations are curbing the challenge, while positive global trends and sector rotation are supporting the traction,” Vinod Nair, Head of Research, Geojit Financial Services said.

Positive global sentiment driven by expectations of an easing interest rate cycle by the US Fed and the RBI in the medium term, owing to benign inflation, ignited the rally, he added.

As expected, the BoJ raised its interest rate while all eyes are on US Fed policy to be announced later in the evening.

Among the Sensex stocks, JSW Steel, Asian Paints, Maruti Suzuki India, NTPC, Adani Ports and Special Economic Zone, Bharti Airtel, ITC and Tech Mahindra were the major gainers.

Reliance Industries, Tata Motors, Infosys, Mahindra and Mahindra, Bajaj Finance and Axis Bank were the laggards.

The European markets are trading in the green territory. The Asian markets were higher Wednesday. Wall Street closed on a mixed note Tuesday.

Global oil benchmark Brent crude rose 1.88 per cent to $80.51 a barrel.

Foreign institutional investors offloaded equities worth Rs 5,598.64 crore Tuesday, according to exchange data.

On Tuesday, the 30-share BSE Sensex closed higher by 99.56 points, or 0.12 per cent, at 81,455.40 — its all-time closing high. The NSE Nifty edged up 21.20 points, to settle at an all-time closing high of 24,857.30.

PTI

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