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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Congress using hijab issue to pacify minority anger, alleges Karnataka LoP R Ashoka
Bengaluru: Leader of Opposition in the Assembly R. Ashoka has accused the Congress government of using the hijab issue to placate what he described as discontent among minority voters after the Davanagere by-election.
In a post on X on Wednesday, Ashoka alleged that the state government, instead of addressing issues such as price rise, corruption, farmers’ distress and law and order, was attempting to retain its minority vote base by reviving the hijab issue.
Referring to the 2022 dress code introduced by the BJP government, which prohibited hijab in schools and colleges, Ashoka said the Karnataka High Court had upheld the policy and emphasised the importance of discipline in educational institutions.
He questioned the Congress government’s move to revisit the issue and asked whether setting aside the court-backed policy to benefit one community could be described as secularism.
Ashoka further alleged that while the government was willing to permit hijab, it continued to prohibit saffron shawls.
He accused the government of dividing students on religious lines rather than treating schools and colleges as spaces of equality.
Drawing a comparison with Mamata Banerjee’s government in West Bengal, Ashoka claimed that excessive appeasement politics had harmed the state and warned that the Congress in Karnataka could face a similar political response.
He said voters in Karnataka would teach the Congress a lesson for what he termed “vote-bank politics” and for compromising constitutional and judicial principles.
