Nifty50 and Sensex closed at fresh record highs for the 6th consecutive session on Thursday. This was due to gains in auto and metal stocks.
Nifty crossed the 26,200 mark for the first time, while the Sensex ended just 164 points short of the 86,000 mark.
Sectors
Nifty Auto index rose by 2.3%, buoyed by positive sentiment in domestic auto firms following Karnataka’s plans to waive taxes for hybrid cars and offer incentives for electric vehicles (EVs). Maruti Suzuki, which sells hybrid vehicles, saw a 4.8% increase, marking its largest daily percentage gain in nearly three months.
Nifty metal, commodities, PSU Bank, FMCG were top gainers among sectors. All smallcap indices were in the red.
Gainers and losers
Mahindra & Mahindra, Maruti Suzuki, Tata Motors, ITC, Tata Steel, and Bajaj Finance were among the top contributors to the Sensex, while only L&T and NTPC closed in the red.
Additional factors that added to markets:
1. Monthly expiry -it was expiry for Nifty options and futures, which drove traders to adjust positions. Nifty gained over 1,000 points in this series, marking its fourth consecutive rise.
2. Metal stocks
Metal stocks played the main character in today’s market surge, fueled by aggressive economic stimulus measures from China. The Nifty Metal Index rallied over 5.5% in the last three days.
3. Expectations of a further 50bps Rate Cut
The speeches from Fed policymakers are due later in the day which could hint on the rate cut outlook too
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