Nifty hits record high after 14 months; Sensex nears all-time peak
Mumbai (PTI): Stock market benchmark indices extended their previous day's rally in early trade on Thursday, with the Nifty hitting its fresh record high amid favourable global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
The 30-share BSE Sensex advanced 313.38 points to 85,922.89 in early trade. The 50-share NSE Nifty rallied 90.25 points to hit an all-time high of 26,295.55. The broader index had earlier scaled its record intra-day high of 26,277 on September 27, 2024.
From the Sensex firms, Bajaj Finance, Bajaj Finserv, ICICI Bank, Larsen & Toubro, Asian Paints and Mahindra & Mahindra were among the biggest gainers.
However, Eternal, Kotak Mahindra Bank, UltraTech Cement and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading in positive territory.
US markets ended higher on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.
"Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, dipped 0.48 per cent to USD 62.83 per barrel.
"Global equity markets have extended their gains, buoyed by growing expectations of interest-rate cuts by the US Federal Reserve. Major US indices — including the S&P 500, Dow Jones, and Nasdaq — posted another session of solid advances as softer Treasury yields and renewed policy optimism strengthened risk appetite. This upbeat sentiment has carried into today’s global trade, with Asian markets opening higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Akeal Hosein bosses powerplay overs with 'skill and mental fortitude'
New Delhi (PTI): For a spinner who bowls majority of his overs in the powerplay, Chennai Super Kings' West Indian import Akeal Hosein relies as much on mental fortitude as his skills to excel in the most unforgiving phase of the game.
With just two fielders in the deep in the first six overs, the margin for error is miniscule and the pressure is sky high.
However, Hosein thrives in that tense environment. The left-arm spinner returned with frugal figures of 3-0-15-1 in the powerplay to play a crucial role in his team's eight-wicket win over Delhi Capitals in an IPL match here on Tuesday.
"You need both of them (skill and mental toughness). Especially when you come upon pitches that aren't conducive to spin and it's just about being disciplined as well," he said.
"Having two fielders out in the power play. It's not a job that you can go searching for wickets or you can be too greedy. It's just about sticking to the plan," he explained.
Hosein got the all-important wicket of an in-form K L Rahul, who was foxed by the West Indian as he stepped out to smash him for an inside out six.
Hosein's inclusion in the playing eleven after not being picked in the initial phase of the tournament has allowed CSK to win more games. On Tuesday, the pitch offered him a bit of help and he ended up dominating the batters.
After the win over DC, Hosein was asked about his recipe for success in the powerplay.
"...it's a bit scripted because you only have two guys out so it's just about being disciplined and trying to do the job for the team. At the end of the day if you don't get wickets and you bowl economically in the power play, that's a damn good job you've done for the team," said Hosein.
He has taken seven wickets in five games at an impressive economy rate of 7.25.
Fully aware that the batter is a mere couple of hits away from putting the pressure back on him, Hosein says practising for high-pressure situations helps him stay in the present.
"I think homework is very important. You want to have that head-start when you come up against whichever batter you're going to face. And like I say it's just about making assessments as quickly as possible.
"You might come up on a pitch that is spinning. You might come up against one that isn't spinning. Thankfully I can spin the ball. So it's just about picking which deliveries will give you the most success on a particular day and against a particular batter," said Hosein.
He got rid of Rahul first ball from the other end, something that was decided by captain Ruturaj Gaikwad. Post powerplay, Noor Ahmad took over the mantle from Hosein and maintained the pressure on DC batters.
"Getting the opportunity to bowl first for me is just about again making that assessment as quickly as possible and then passing on that information to Noor or even to the seamers as well if it was a bit of spin or if it's gripping or whatever the case is.
"So conversations with myself and Noor have been fantastic. Really happy for him that he's getting some success," he added.
