NEW DELHI: Backed by firm global cues, the BSE Sensex touched a new lifetime high of 62,412.33. The 30-share benchmark rallied 762.10 points or 1.24% to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46% to its lifetime high of 62,412.33.
The NSE’s Nifty50, on the other hand, shut shop 216.85 points or 1.19% higher at 18,484.10. The 50-share index hit a new 52-week high of 18,529.70 during intraday trading session. The two indices’ previous high stood at 62,245 (Sensex) and 18,604 (Nifty), touched in October 2021.
The Sensex, up 7% this year so far, has surged maximum among benchmarks in countries that have stock markets valued at least $1 trillion, according to Bloomberg. The sharp rally in the domestic share market was after minutes from the latest US Federal Reserve meeting showed that most policymakers expect a slower pace of future interest rate hikes. This, according to experts, is a positive sign for risk assets, including equities.
Most global equity benchmarks witnessed significant buying on Thursday. “Investors wound up their short positions on expiry day, triggered by US Fed minutes indicating a moderate pace of rate hikes going ahead that eventually propelled Sensex & Nifty to new all-time highs,” said Shrikant Chouhan, head of equity Research (Retail), Kotak Securities.
He added, “Other positive catalysts like WTI crude oil prices staying sluggish and the falling US Dollar index and yields improved the risk appetite of investors leading to a broad-based buying.”
Brent crude futures on early Thursday fell 0.3% to $85.13 while the U.S. crude oil futures eased 0.2% to $77.74/barrel. A dip in international oil prices is positive for the Indian economy as it imports about 85% of its requirement.