Updates on the Stock Market:

Stock Markets Today in India: Following the US Federal Reserve’s decision to hold onto its main interest rate and hint at rate reduction next year, heavy buying in IT, tech, and real estate companies drove the benchmark equity indexes, the Sensex and Nifty, to record highs on Thursday, rising more than 1%.

According to dealers, foreign investors’ continued purchases and the decline in crude oil prices on global markets also helped local shares.

The 30-share BSE Sensex increased for a second session in a row, ending at an all-time closing high of 70,514.20, up 929.60 points, or 1.34%. It increased by 1,018.29 points, or 1.46 percent, throughout the day to reach its highest intraday peak of 70,602.89.

2,064 stocks increased overall, 1,702 fell, and 126 were unchanged.

The Nifty reached a record closing high of 21,182.70 after a rally of 256.35 points, or 1.23%, was made. It increased by 284.55 points, or 1.35 percent, throughout the session to reach its record intra-day top of 21,210.90.

In the midst of the Federal Reserve’s dovish remarks, which hinted at at least three rate reductions in 2024, the market maintained its enthusiasm and reached a new high. Additionally, investors’ confidence increased due to the notable decline in US bond rates.

“A broad-based rally with outperformance from Realty and IT was caused by an upgrade in India’s GDP forecast, an ease in global oil prices, and the RBI decision to clamp down on inflation to the target level,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sensex companies that had significant gains were Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank, Bajaj Finance, Bajaj Finserv, and Mahindra & Mahindra.

However, among the laggards were Tata Motors, Power Grid, Nestle, JSW Steel, Maruti, Titan, and Maruti.

The BSE smallcap increased by 0.62 percent and the midcap increased by 1.06 percent in the overall market.

Among the indexes, real estate gained 3.80%, IT surged 3.21%, real estate gained 3.80%, Teck (2.72%), telecommunication (2.14%), financial services (1.38%), oil and gas (1.36%), and energy (1.28%).

The only sector that lagged behind was consumer durables.

Seoul and Hong Kong closed higher on the Asian markets, but Tokyo and Shanghai closed down.

The markets in Europe were trading higher. On Wednesday, the US markets concluded with big gains.

For the third day in a row, the Federal Reserve left its benchmark interest rate constant on Wednesday, suggesting that it is probably finished increasing rates after enacting the quickest series of rises in four decades to combat excruciatingly high inflation.

Additionally, the Fed’s officials said that they anticipate lowering their benchmark interest rate by three-quarter points in the next year.

The US Federal Reserve’s decision to maintain interest rates at their current level uplifted sentiment in global stock markets, particularly in India, where benchmark indexes achieved yet another all-time high due to intense buying support. Additionally, the declining price of crude oil and the inflow of foreign capital into local shares have improved market optimism.

“Optimism in equity markets could continue in the medium term with India continuing to post strong growth numbers and hopes of a rate cut expected in the middle of next year,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

According to exchange statistics, foreign institutional investors (FIIs) acquired stocks worth Rs 4,710.86 crore on Wednesday, demonstrating their continuous buying behavior.

The benchmark for world oil, Brent crude, increased 1.74 percent to USD 75.55 a barrel.

On Wednesday, the BSE benchmark increased by 33.57 points, or 0.05 percent, to end the day at 69,584.60.

The Nifty closed at 20,926.35, up 19.95 points, or 0.10 percent.