The total market capitalisation of BSE-listed companies witnessed an increase of ₹5,72,752.79 crore, reaching ₹3,79,85,669.12 crore. Thursday saw Nifty closing above 22,000 levels due to increased buying in metal, power, and energy stocks, alongside a global market rally triggered by the US Fed’s announcement of three rate cuts this year.

For the second consecutive day, the 30-share BSE Sensex saw a significant leap of 539.50 points or 0.75%, settling at 72,641.19. It soared to 72,882.46, marking an increase of 780.77 points or 1.08%, during the day. Meanwhile, the NSE Nifty climbed by 172.85 points or 0.79% to reach 22,011.95. Among the top gainers from the Sensex basket were NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra, and Larsen & Toubro.

However, Bharti Airtel, Maruti, ICICI Bank, and Asian Paints witnessed a dip. Across Asian markets, Seoul, Tokyo, and Hong Kong witnessed significant gains, whereas Shanghai closed lower. European markets were trading positively. Wall Street recorded notable gains on Wednesday, with the S&P 500 reaching an all-time high, and both the Dow Jones Industrial Average and the Nasdaq Composite hitting record levels.

Vinod Nair, Head of Research at Geojit Financial Services, remarked, “The domestic market is buoyed by global cues, with the Federal Reserve signaling three interest rate cuts despite inflation persisting above the long-term target.” Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, noted the strong surge in markets, attributing it to favorable global cues. He suggested that while Nifty tested the immediate hurdle of the short-term moving average (20 EMA), further consolidation may be seen, emphasizing the need for sustainability above 22,200 for any significant recovery.

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