Sensex soars 1,359 pts to settle above historic 84,000 mark; banks shares shine in global rally

Sensex closes above 84,000 for the first time, Nifty hits record high, driven by bank stocks and global trends.

Benchmark Sensex closed above the historic 84,000-mark for the first time while Nifty settled at a new record high on Friday (September 20, 2024), powered by a rally in frontline bank stocks along with upbeat trends in the U.S. and Asian markets.

The 30-share Bombay Stock Exchange (BSE) Sensex jumped 1,359.51 points, or 1.63%, to settle at an all-time high of 84,544.31. During the day, it soared 1,509.66 points, or 1.81%, to hit the momentous intra-day peak of 84,694.46.

The National Stock Exchange (NSE) Nifty surged 375.15 points, or 1.48%, to close at a record 25,790.95 level. During the day, the gauge zoomed 433.45 points or 1.70% to reach an all-time intra-day peak of 25,849.25.

From the 30 Sensex firms, Mahindra & Mahindra jumped over 5%. JSW Steel, ICICI Bank, Larsen & Toubro, Bharti Airtel, Nestle, Adani Ports, Hindustan Unilever, HDFC Bank, Tech Mahindra, Maruti, Kotak Mahindra Bank, and Tata Steel were the other big gainers.

State Bank of India, IndusInd Bank, Tata Consultancy Services, and Bajaj Finance were the laggards.

“The Indian market has joined the rally following the 50-bps Fed rate cut and super accommodative monetary policy. It is expected to bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust,” Vinod Nair, Head of Research, Geojit Financial Services, said.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the green. Equity markets in Europe were quoting lower. The U.S. markets ended remarkably higher on Thursday (September 19, 2024).