Sensex, Nifty Hit New All-time Highs As Stocks Rise On Fed Rate Cut Hopes

(RTTNews) - Indian benchmark indexes Sensex and the Nifty50 climbed to new all-time record highs Thursday morning, as shares extended recent gains on positive global cues amid rising optimism the Federal Reserve will lower interest rates by 25 basis points in December.

Heavy buying by Foreign Institutional Investors over the past few sessions, and expectations of a rate cut by the Reserve Bank of India next week, contribute as well to the upbeat mood in the Indian markets.

The benchmark BSE Sensex, which climbed to 86,055.86, was up 33.63 points or 0.39% at 85,943.14 a little while ago.

The National Stock Exchange's Nifty50 scaled a new peak at 23,310.45, was up 78.00 points or 0.3% at 26,283.95

Bajaj Finance, up 3%, was the top gainer in the Sensex. Larsen & Toubro, Bajaj Finserv, Hind Unilever, HDFC Bank and ICICI Bank gained 1.2 to 1.7%.

Shriram Finance, HCL Technologies, Titan, Tata Motors Passenger Vehicles, Hindalco, Cipla and Sun Pharmaceuticals also moved higher.

Eternatl, Ultratech Cement, Trent, State Bank of India, Tata Steel and Reliance Industries drifted lower.

Eicher Motors, ONGC, HDFC Life, SBI Life, Adani Enterprises, Grasim Industries and JSW Steel also showed weakness.

Shares of Whrilpool of Indian Limited tumbled nearly 11% this morning, reportedly on the company's promoters selling heavily through block deals. Over 1.5 crore shares - roughly 12% of the company's equity - changed hands on the exchanges so far in the session.

The market breadth was slightly positive. On BSE, 2,012 stocks moved higher, and 1,765 stocks drifted down. 238 stocks were little changed.