Markets
Share Market Highlights 1 August 2024: Sensex, Nifty record highs amid global rally on Fed’s rate cut hint
Sensex, Nifty updates on 1 August 2024: India’s benchmark indexes achieved record closing highs on Thursday, driven by expectations of a U.S. interest rate cut in September, which analysts predict could attract foreign investments into domestic equities. The NSE Nifty 50 rose 0.24% to 25,010.9, and the S&P BSE Sensex increased by 0.15% to 81,867.55. Both indexes hit all-time highs, with the Nifty surpassing 25,000 points for the first time. Following Fed Chair Powell’s remarks on the likelihood of rate cuts, Asian markets saw gains, with the MSCI Asia ex-Japan index up 0.4%. Analysts like Deven Choksey of DRChoksey FinServ believe steady foreign inflows could follow a gradual rate reduction over the next four to six quarters. However, near-term gains may be limited due to profit booking at record highs. Energy stocks surged, with ONGC and Oil India rising after a cut in windfall tax on petroleum crude. Conversely, small- and mid-cap stocks declined by about 1% each amid selling pressure from high valuations.
