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.
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US military refuelling plane crashes in Iraq, rescue is underway
Washington (AP): An American military refuelling plane taking part in the operation against Iran crashed in Iraq and rescue efforts were underway, US Central Command said Thursday.
It was not immediately clear if there were any casualties. A US official, who spoke to The Associated Press on condition of anonymity to discuss the developing situation, said the KC-135 aircraft that crashed had at least five crew members aboard.
The crash was not due to hostile fire or friendly fire, the military said in a statement, which described the plane as “a loss.”
US Central Command, which oversees the Middle East, said that two aircraft were involved and that one landed safely and the other went down in western Iraq.
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A second US official, who similarly spoke on condition of anonymity, said the other plane involved also was a KC-135 tanker.
“More information will be made available as the situation develops,” Central Command said. “We ask for continued patience to gather additional details and provide clarity for the families of service members.”
The tanker is the fourth publicly acknowledged aircraft to crash as part of the US military's operations against Iran. Last week, three American fighter jets were mistakenly downed by friendly Kuwaiti fire.
All six crew members safely ejected from the F-15E Strike Eagles and were in stable condition after being recovered, the US said.
Seven American troops have been killed in combat during the Iran war so far, while about 140 US service members have been injured, including eight severely, the Pentagon said earlier this week.
Both President Donald Trump and Defence Secretary Pete Hegseth have warned that the Iran war would likely claim more American lives before it ends.
Six of the fallen service members were killed when an Iranian drone struck an operations centre at a civilian port in Kuwait. They were in the Army Reserve and worked in logistics, keeping troops supplied with food and equipment.
They died one day after the US and Israel launched the military campaign against Iran on February 28. The Islamic Republic has retaliated with missiles and drones against Israel and several Gulf Arab states that host US armed forces.
The seventh American service member died after being wounded during a March 1 attack on the Prince Sultan Air Base, Saudi Arabia.
Trump joined grieving families for a dignified transfer at Dover Air Force Base when the remains of the first six soldiers were returned to the United States. Vice President JD Vance, Hegseth and others saluted the seventh flag-draped transfer case as it arrived this week at Dover.
The KC-135 tanker involved in the latest crash is based on the same design as the Boeing 707 airliner and entered military service more than 60 years ago. Like other long-serving aircraft, the planes have undergone various retrofits and upgrades over the years.
The KC-135 tankers typically have a crew of three. It's not immediately clear what role the extra crew members were serving aboard the flight.
According to a report from the Congressional Research Service, the Air Force last year had a total of 376 KC-135s, including 151 on active duty, 163 in the Air National Guard and 62 in the Air Force Reserve.
