Market at record high: Sensex rallies 930 points to top 70,500 level, Nifty settles at 21,183; IT & realty stocks shine

It was a blockbuster day for domestic equity markets as headline indices scaled new record highs and settled about their key psychological levels for the first time. The positive signals of rate cuts in 2024 by the US Fed bolstered the buoyancy at the global levels and Dalal Street was no exception. Strong buying across all major sectors pushed the headline indices sharply higher.

For the day, BSE's Sensex surged 929.60 points, or 1.34 per cent, to settle at 70,514.20. NSE's Nifty50 rallied 246.30 points, or 1.18 per cent, to end the day at 21,172.65. Broader markets performed in-line with the headline indices as BSE midcap and smallcap indices jumped about a per cent each. Fear gauge spiked more than 2 per cent to 12.32-mark.

The US Fed's decision to leave rates unchanged lifted the world equity market mood, including India which saw benchmark indices reach yet another record highs on the back of a frenzied buying support, said Prashanth Tapse, Senior VP (Research), Mehta Equities.

"Besides, falling crude oil prices and foreign investors pumping in money into domestic equities has bolstered investors' sentiment. With India continuing to post strong growth numbers and hopes of rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term," he said.

On a sectoral front, the Nifty realty and IT indices jumped about 4 per cent each, leading the gainers. The Nifty oil & gas, private bank and financial services indices gained more than a per cent each. Among the laggards, only Nifty media, healthcare and consumer durable indices settled in red.

In the Nifty50 pack, Infosys, Tech Mahindra and LTIMindtree surged 4 per cent each, while Wipro, HCL Tech, IndusInd Bank and Bajaj Finance gained 3 per cent each. On the downside, Power Grid and HDFC Life Insurance dropped 2 per cent each, while Nestle India, Cipla and JSW Steel shed a per cent each.

The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence, said  Vinod Nair, Head of Research at Geojit Financial Services.

"An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level, led to a broad-based rally with outperformance from Realty and IT," he said.

A total of 3,892 shares were traded on BSE on Thursday, of which 2,064 settled with gains. 1,703 stocks ended the session with cuts while 125 shares remained unchanged. During the day, 341 shares hit their upper circuit, whereas merely 206 shares tested the lower circuit levels for the day.

In the broader markets, Onward Technologies surged about 20 per cent, while Hudco gained 12 per cent. Indian Railway Finance Corporation ended 11 per cent higher and PTC India hit the upper circuit of 10 per cent. PTC India Financial Services gained 9 per cent and Swan Energy was up 8 per cent at the end of session.

Among the laggards, Jain Irrigation Systems tanked 8 per cent, while Inox Green Energy Services dropped 7 per cent. 63Moons, PTC India and Tourism Finance Corporation of India ended 4 per cent down each.