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Sensex opens at record high, Nifty surpasses 23,500

Small- and mid-cap stocks also hit all-time highs, rising 0.5% and 0.35%, respectively. Wall Street's strong performance, with the S&P 500 and Nasdaq Composite closing at record levels, further boosted market sentiment.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: June 19, 2024 10:06 IST
Sensex
Image Source : FILE Business stock exchange building.

Indian shares surged to new record highs in early trading, tracking gains in global equities. The NSE Nifty 50 rose by 0.31% to 23,629.85, while the S&P BSE Sensex climbed 0.31% to 77,543.22. The rally was driven by expectations of an early rate cut by the Federal Reserve, following soft US retail sales data. Twelve of the 13 major sectors recorded gains, with 46 out of Nifty 50 companies advancing.?

Twelve of the thirteen major sectors logged gains, and forty-six of the Nifty 50 companies advanced.

Small- and mid-cap stocks also saw gains, rising 0.5% and 0.35% respectively, reaching all-time high levels.

Overnight, Wall Street equities closed higher, with the S&P 500 and Nasdaq Composite hitting record levels. The weaker-than-expected U.S. retail sales data indicated cooling inflation, boosting rate cut expectations for September to 61.1% from 56.7%, according to the CME FedWatch Tool.

Analysts suggest that a rate cut could lead to increased foreign inflows into emerging markets like India, further strengthening domestic equities.

Asian markets also opened higher, buoyed by a rally in U.S. tech stocks, with the MSCI Asia ex-Japan index rising 0.9%.

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