Markets witnessed a strong rally today as the Indian benchmark indices Sensex and Nifty closed with notable gains. The Sensex soared more than 850 points to end at 83,383.92, and the Nifty rang the closing bell about 250 points higher, settling above 25,500.
The top gainers included stocks such as Titan, Kotak Bank, Axis Bank, M&M and Adani Ports and the only laggards in the markets were Infosys and Eternal.
The broader markets painted green and the Nifty 100 index gained by 0.94 per cent. Sectorally, the Nifty FMCG index witnessed gains of 2.02 per cent.
During early morning trade on Thursday, both the indices opened higher with the Sensex ringing the opening bell above 82,850, climbing over 250 points and the Nifty trading just under 25,400, witnessing gains of 70 points.
What’s Fuelling The Rally?
The indices tracked positive in coordination to their Asian counterparts, observing overnight global cues. There was additional optimism as gold prices continued to rise to fresh record highs, hinting at the rise in demand for safe-haven assets amid global uncertainty.
Additionally, the trade talks between India and the United states have been reignited on Wednesday as the Indian negotiating team is currently in the US and both the sides are aiming for a “win-win solution.”As per media reports, “discussions are on the table, and we are in a deeper phase of engagement,” said government sources.
Investor sentiment has also gained momentum due to the fact that India’s exports to the US have shown growth and the trend is expected to continue.
Further, today’s market gains were led by banking stocks as well as positive global cues amid expectations of a US Federal Reserve rate cut.
