2024-09-16 03:08:22
New Delhi: The domestic stock market witnessed a tremendous rise after 2 pm today. Sensex and Nifty rose by about two percent. After the inflation figures in the US, the possibility of the Federal Reserve cutting interest rates by 25 basis points has strengthened. This has raised hopes of increasing foreign investment in domestic equity. The BSE Sensex rose more than 1500 points during trading and reached above 83,000 points. For the first time, the Sensex has reached 83,000 points. Similarly, the Nifty 50 also rose by about 500 points and crossed 25,000 points. With this rise, the market cap of companies listed on the BSE increased by Rs 6.6 lakh crore to Rs 467.36 lakh crore. In the end, the Sensex closed at 82,962.71 points with a gain of 1439.55 i.e. 1.77%. Nifty closed at 25,388.90 points with a gain of 470.45 points or 1.89 percent. Bharti Airtel, Reliance Industries, HDFC Bank and Infosys had a share of about 500 points in the rise in Sensex. Along with this, shares of Larsen & Toubro, Mahindra & Mahindra, NTPC, ICICI Bank and SBI also saw a good rise. A large part of the revenue of IT companies comes from America. Their shares rose by 1%. Apart from this, Nifty bank, auto, financial services, healthcare and oil and gas related shares also rose by one percent. Bharti Airtel’s share reached an all-time high with a gain of four percent. The company says that it has started home Wi-Fi service in all 22 districts of Jammu and Kashmir and Ladakh. Shares of HDFC Bank have risen by more than one percent while shares of Reliance Industries have jumped by about two percent.
Tata Motors: This stock of Tata Group fell by six percent, do you also own it?
Why did the boom come
According to the data, there was a slight increase in consumer prices in the US in August but there was some stability in inflation. According to CME Fedwatch, this has increased the probability of the Fed cutting interest rates by 25 basis points on September 18 from 66% to 85%. This cut has cleared the way for foreign investment in domestic equity. This is the reason why the domestic market has risen. VK Vijaykumar, Chief Investment Strategist of Geojit Financial Services, said that the inflation figures in the US have been positive for the market. This has cleared the way for the Fed Reserve’s rate cut in September.