Mumbai: Indian stock markets continued their strong momentum on Thursday, with both the Sensex and Nifty hitting new record highs.
Investors remained optimistic as hopes of interest rate cuts in the US and India grew stronger, while steady buying by foreign investors further boosted sentiment across sectors.
The Nifty climbed to a fresh all-time high of 26,306.95, surpassing its previous record of 26,277.35 touched on September 27, 2024.
The Sensex also crossed a major milestone, moving past the 86,000 mark for the first time to reach 86,026.18.
Among the top performers in the Nifty50 pack were Bajaj Finance, Shriram Finance, Asian Paints, Bajaj Finserv and Larsen & Toubro, all gaining up to 2 percent.
These stocks helped support the market’s upward move. Foreign portfolio investors maintained their buying momentum, turning net buyers for the second consecutive session on Wednesday.
They invested Rs 4,778.03 crore in Indian equities, following an inflow of Rs 785.32 crore on Tuesday. This consistent buying helped keep domestic markets strong.
Market sentiment also stayed positive due to growing expectations that the US Federal Reserve may cut interest rates in December.
The Nifty had already recorded its best trading session in five months on Wednesday, closing at a 14-month high, supported by gains in rate-sensitive sectors ahead of the Reserve Bank of India’s policy meeting next week.
Asian markets were also trading higher, reflecting global optimism. Investors increased their bets that the US Fed will cut rates next month, with the CME FedWatch tool showing the probability rising sharply to around 85 per cent from just 30 percent a week earlier.
Major Asian indices, including South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng, were all in the green.
US markets had also closed higher on Wednesday, adding to the positive global sentiment.
(IANS)
