Stock Market LIVE Updates: Sensex up 600pts at record 83,600, Nifty above 25,500 on 50bps cut
Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and Nifty 50 climbed to fresh record highs on Thursday at pre-open, after the US Fed cut policy rates by 50bps.
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Stock Market LIVE Updates, Thursday, September 19, 2024: Indian benchmark indices BSE Sensex and Nifty 50 were trading at fresh all-time highs on Thursday, after Jerome Powell-led US Federal Reserve announced a 50bps rate cut on Wednesday evening.
At 10 AM, the BSE Sensex was at 83,538, up 590 points, or 0.71 per cent, while the Nifty 50 was at 25,531, up 154 points, or 0.61 per cent higher.
All the constituent stocks of the BSE Sensex, and most of the stocks on the Nifty 50 were also trading higher. Gains on both the benchmark indices were led by NTPC, IT and financial stocks
Across sectors, the IT index had climbed 1.55 per cent, followed by the Realty index (1.10 per cent). All other sectoral indices were also in the green.
In the broader markets too, the BSE MidCap was up 0.59 per cent, while the BSE SmallCap was up 0.43 per cent.
That apart, benchmark equity indices BSE Sensex and Nifty50 had pulled back from their respective record highs on Wednesday to close in the red.
The 30-stock BSE Sensex closed at 82,948.23, down 131.43 points, or 0.16 per cent, while the Nifty50 ended at 25,377.55, down 41 points, or 0.16 per cent lower.
In the run up to the US Fed's announcement late on Wednesday, information technology stocks in India had posted their sharpest drop in over six weeks on Wednesday.
The Nifty IT Index closed 3.1 per cent lower at 42,089 on Wednesday, its biggest single-day decline since August 5. Its constituents Mphasis dropped by 5.6 per cent, followed by TCS closing lower by 3.5 per cent. L&T Technology Services, Persistent Systems, Infosys, and HCLTech also fell by over 3 per cent each.
Markets in the Asia-Pacific region were being led higher by Japan’s Nikkei 225, with Nikkei and Topix up about 2 per cent each.
Meanwhile, Hong Kong’s Hang Seng index futures pointed to a flat open for HSI, as they would return to trade after being closed for a public holiday on Wednesday.
The Taiwan Weighted Index was up 0.12 per cent, and South Korea’s blue-chip Kospi slipped 0.51 per cent after opening higher. The small-cap Kosdaq was up 0.25 per cent. Australia’s S&P/ASX 200 rose 0.15 per cent on open.
Futures of mainland China’s CSI 300 stood at 3,191 slightly lower than its Tuesday close at 3,195.76.
Major stock indices had closed with modest losses and the dollar gained ground in choppy trading on Wednesday after the US Federal Reserve opted for a supersized cut in its first move to borrowing costs in more than four years.
The central bank cut its overnight rate by half a percentage point, more than the quarter-point that is customary for adjustments, citing greater confidence that inflation will keep receding to its 2 per cent annual target.
The benchmark S&P 500 rose as much as 1 per cent after the announcement before retreating to close down 0.29 per cent at 5,618.26.
The Dow Jones Industrial Average closed down 0.25 per cent, at 41,503.10, and the Nasdaq Composite shed 0.31 per cent, to end at 17,573.30.
Rates had been parked at their highest levels in more than two decades since July 2023.
MSCI's index of world stocks rose to a record high during the session before turning south. It was last quoted down 0.29 per cent at 826.29.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, weakened after the announcement before rising 0.07 per cent to 100.98.
In the market for US government debt, yields on rate-sensitive 2-year Treasuries, rose 3.8 basis points to 3.6297 per cent, from 3.592 per cent late on Tuesday.
The yield on benchmark 10-year notes rose 6.6 basis points to 3.708 per cent, from 3.642 per cent late on Tuesday.
Attention quickly turned to what the Fed would do next as it seeks to fulfil its two-part mandate to promote maximum employment and stable prices.
Chair Jerome Powell said he saw no sign of a recession, citing solid growth, lower inflation and "a labor market that's still at very solid levels". He also said the Fed might have started cutting sooner, on the back of a surprisingly weak July jobs report, if it had seen that data earlier.
Markets are now fully pricing in a cut of at least 25 basis points at the central bank's next meeting in November, with a roughly 40 per cent chance for another 50 basis point cut.
Next up on a busy policy calendar is a Bank of England meeting on Thursday, which financial markets anticipate will keep interest rates on hold. The Bank of Japan is expected to do the same on Friday.
Gold fell 0.62 per cent to $2,553.67 an ounce, having touched record highs earlier this week.
Oil prices fell, as the rate cut was seen as a response to unease about the US labor market. Brent crude settled at $73.65 a barrel, losing 5 cents.
10:02 AM
At 10 AM, the BSE Sensex was at 83,538, up 590 points, or 0.71 per cent, while the Nifty 50 was at 25,531, up 154 points, or 0.61 per cent higher.![]()
Stock Market LIVE Updates: Sensex, Nifty open at record highs after 50bps cut by US Fed
Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50 were trading at fresh all-time highs on Thursday, after Jerome Powell-led US Federal Reserve announced a 50bps rate cut on Wednesday evening.
At 10 AM, the BSE Sensex was at 83,538, up 590 points, or 0.71 per cent, while the Nifty 50 was at 25,531, up 154 points, or 0.61 per cent higher.
9:59 AM ![]()
Stock Market LIVE Updates: Dividend, Bonus, Split: RITES, NALCO, 121 others stocks go ex-date tomorrow
Stock Market LIVE Updates: Shares of Goodluck India, National Aluminium Company (NALCO), National Fertilizers, and 114 other companies will trade ex-date tomorrow as they have the dividend payouts for the eligible shareholders.
Meanwhile, shares of RITES will trade ex-date tomorrow for the dividend payout of Rs 5 apiece, as well as for a bonus issue in the ratio of 1:1. Accordingly, the eligible shareholders will get 1 share each for every one existing share. READ MORE
9:57 AM
At around 9:18 AM, shares of SpiceJet were up 3.44 per cent at Rs 71.48 per share. In comparison, the BSE Sensex traded 584.12 points higher at 83,532.35, around the same time. READ MORE![]()
Stock Market LIVE Updates: SpiceJet shares fly high after Rs 3000 crore QIP oversubscribed
Stock Market LIVE Updates: SpiceJet shares surged over 8 per cent and registered an intraday high of Rs 74.7 per share. The stock surged after reports said the airline has received a good response for its Rs 3,000 crore-worth sale of shares to qualified institutional buyers.
At around 9:18 AM, shares of SpiceJet were up 3.44 per cent at Rs 71.48 per share. In comparison, the BSE Sensex traded 584.12 points higher at 83,532.35, around the same time. READ MORE
9:55 AM ![]()
Stock Market LIVE Updates: Aditya Birla Capital climbs 2.5% on RBI approval to merge with AB Finance
Stock Market LIVE Updates: The RBI has approved the merger of Aditya Birla Finance with Aditya Birla Capital.
9:52 AM ![]()
Stock Market LIVE Updates: Tata Power gains on plans to double solar cell and module production capacity
Stock Market LIVE Updates: The company plans to double its solar cell and module manufacturing capacity over three years to mitigate supply chain risks. The company is also investing in energy storage solutions and has committed Rs 75,000 crore to achieve 20 GW operational capacity by 2030.
9:46 AM ![]()
Stock Market LIVE Updates: NTPC climbs 4% on plans to list green energy arm
Stock Market LIVE Updates: The company has filed for an IPO of its green energy arm, NTPC Green Energy Ltd, with an aim to raise approximately $1.2 billion (Rs 10,000 crore). The company focuses on renewable energy projects and hydrogen production.
9:40 AM ![]()
Stock Market LIVE Updates: Nazara Technologies sheds 3%
Stock Market LIVE Updates: Nazara Technologies has approved a preferential equity issue to raise Rs 900 crore and increased its stake in Absolute Sports, which operates Sportskeeda, to 91 per cent.
9:36 AM
The US Federal Reserve cut interest rates for the first time since March 2020. In its statement, the Federal Reserve noted, "Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, but the unemployment rate remains low. Inflation has progressed toward the Committee's 2 per cent objective but is still somewhat elevated". READ MORE![]()
Stock Market LIVE Updates: Nifty to gain upside momentum above 25,500; MphasiS, OFSS see short buildup
Stock Market LIVE Updates: Equity market in India started Thursday's trading session on a positive note following the 50 basis points rate cut in the US. The BSE Sensex was up 550 points at 83,500, and the NSE Nifty 50 index had surged past the 25,500 level for the first-ever time.
The US Federal Reserve cut interest rates for the first time since March 2020. In its statement, the Federal Reserve noted, "Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, but the unemployment rate remains low. Inflation has progressed toward the Committee's 2 per cent objective but is still somewhat elevated". READ MORE
9:26 AM 
Stock Market LIVE Updates: IT index leading sectoral gains
Stock Market LIVE Updates: Across sectors, the IT index had climbed 1.55 per cent, followed by the Realty index (1.10 per cent). All other sectoral indices were also in the green.
9:20 AM
Gains on both the benchmark indices were led by NTPC, IT and financial stocks 
Stock Market LIVE Updates: Gains on benchmark indices led by IT and financial stocks
Stock Market LIVE Updates: All the constituent stocks of the BSE Sensex, and most of the stocks on the Nifty 50 were also trading higher.
Gains on both the benchmark indices were led by NTPC, IT and financial stocks
9:17 AM
At opening bell, the BSE Sensex was at 83,359, up 410 points, or 0.50 per cent, while the Nifty 50 was at 25,487, up 109 points, or 0.43 per cent higher. 
Stock Market LIVE Updates: Sensex, Nifty open at record highs after 50bps cut by US Fed
Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50 climbed to fresh all-time highs at opening bell, following gains in Asia-Pacific markets and Wall Street futures, after Jerome Powell-led US Federal Reserve announced a 50bps rate cut on Wednesday evening.
At opening bell, the BSE Sensex was at 83,359, up 410 points, or 0.50 per cent, while the Nifty 50 was at 25,487, up 109 points, or 0.43 per cent higher.
9:09 AM
At pre-open, the BSE Sensex was at 83,359, up 410 points, or 0.50 per cent, while the Nifty 50 was at 25,487, up 109 points, or 0.43 per cent higher. ![]()
Stock Market LIVE Updates: Sensex, Nifty at record highs at pre-open
Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and Nifty 50 climbed to fresh record highs on Thursday at pre-open, after the US Fed cut policy rates by 50bps.
At pre-open, the BSE Sensex was at 83,359, up 410 points, or 0.50 per cent, while the Nifty 50 was at 25,487, up 109 points, or 0.43 per cent higher.
9:01 AM
The rate cuts by the Fed will pave the way for rate cuts in India, too. CPI inflation coming below the RBI’s target of 4% during the last 2 months will facilitate rate cuts. Two rate cuts of 25bp each are possible in India before March 2025. In brief the market scenario is turning favourable for rate-sensitives, particularly banking."
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services ![]()
Stock Market LIVE Updates: 'The Fed's 50bps cut could lead equity markets to consolidate with an upward bias'
Stock Market LIVE Updates: "The big Fed rate cut by 50 bp has the potential to take equity markets into a consolidation phase with an upward bias. The Fed chief Powell’s remark that “we have gained greater confidence that inflation is moving sustainably towards 2%” is a very optimistic commentary of the US economy. At the same time US growth continues to be solid and the labour market is good.
More rate cuts are expected from the Fed, going forward. The rate projections are 4.4% by end 2024 and 3.4% for end 2025. These will be big declines from the present 4.75 to 5% rate.
The rate cuts by the Fed will pave the way for rate cuts in India, too. CPI inflation coming below the RBI’s target of 4% during the last 2 months will facilitate rate cuts. Two rate cuts of 25bp each are possible in India before March 2025. In brief the market scenario is turning favourable for rate-sensitives, particularly banking."
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
8:57 AM
If there is a surplus, the company will export it too, mainly to the United States, its senior management told Business Standard on the sidelines of RE-Invest in Gandhinagar. READ MORE![]()
Stock Market LIVE Updates: Tata Power to scale up internal renewable energy component supply chain
Stock Market LIVE Updates: To navigate the supply chain challenges in its renewable energy (RE) businesses, Tata Power is looking to scale up the manufacturing of key components to meet the group’s needs across RE projects.
If there is a surplus, the company will export it too, mainly to the United States, its senior management told Business Standard on the sidelines of RE-Invest in Gandhinagar. READ MORE
8:56 AM ![]()
Stock Market LIVE Updates: LIC earmarks Rs 600 crore for digital shift; to be 'paperless' in 2 years
Stock Market LIVE Updates: State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday.
The insurance giant is also aiming to become completely "paperless" in two years. READ MORE
Topics : MARKET LIVE MARKETS LIVE MARKETS TODAY Markets Sensex Nifty S&P BSE Sensex Gift Nifty Nifty50 Nifty 50 share market stock market trading Global stock markets US stock market Asia stocks Asian markets Indian markets Indian market
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First Published: Sep 19 2024 | 7:49 AM IST
