Sensex Opens at Record High, Nifty Above 23,500

Sensex Opens at Record High, Nifty Above 23,500

Sensex and Nifty Hit Record Highs as Weak US Retail Sales Fuel Rate Cut Hopes

Indian shares soared to new heights today, with key indexes hitting record levels at the opening. This boost came after weak US retail sales data increased hopes for an early rate cut by the Federal Reserve. The NSE Nifty 50 rose by 0.31% to reach 23,629.85, and the S&P BSE Sensex also climbed 0.31%, landing at 77,543.22. Almost all major sectors saw gains, with 46 out of 50 companies in the Nifty 50 advancing.

Small- and mid-cap stocks also performed well, increasing by 0.5% and 0.35%, respectively, and reaching all-time highs. This follows a strong performance on Wall Street, where the S&P 500 and Nasdaq Composite closed at record highs due to the weak US retail sales data suggesting lower inflation.

The chances of a rate cut in September have now increased to 61.1% from 56.7%.

Top Gainers in Sensex
Among the top 30 Sensex companies, IndusInd Bank, ICICI Bank, JSW Steel, Axis Bank, Kotak Mahindra Bank, Infosys, Tata Consultancy Services, and HDFC Bank were the biggest winners. On the other hand, Titan, NTPC, Power Grid, and Bajaj Finance saw declines.

Asian Markets
In Asia, stock markets in Seoul, Tokyo, and Hong Kong were up, while Shanghai saw a slight dip.

Foreign Investments
Foreign Institutional Investors (FIIs) purchased Indian equities worth ₹2,569.40 crore on Tuesday.

Tuesday’s Stock Market Close
On Tuesday, the BSE benchmark rose by 308.37 points, or 0.40%, closing at a new high of 77,301.14. The Nifty increased by 92.30 points, or 0.39%, finishing at a record closing high of 23,557.90.


ALSO READ | Gold Rate Today in Warangal