Sensex spurts 1,360 pts; Nifty ends above 25,750

The headline equity indices settled at new life high level on Friday, rising for the second day in a row. The Nifty settled above the 25,750 mark and Sensex closed above 84,500 mark.

The S&P BSE Sensex climbed 1,359.51 points or 1.63% to 84,544.31. The Nifty 50 index advanced 375.15 points or 1.48% to 25,790.95.

The Sensex and Nifty clocked an all-time high of 84,694.46 and 25,849.25, respectively in afternoon trade. Further, the Nifty Bank also hit a life high of 54,066.10.

In the broader market, the S&P BSE Mid-Cap index added 1.16% and the S&P BSE Small-Cap index advanced 1.37%. The market breadth was strong.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, added 2.24% to 12.75.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.07% to 6.874 as compared with previous close 6.869.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5550, compared with its close of 83.6575 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement added 0.53% to Rs 73,829.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 100.82.

The United States 10-year bond yield grew 0.44% to 3.725.

In the commodities market, Brent crude for November 2024 settlement lost 45 cents or 0.60% to $74.43 a barrel.

Global Markets:

European markets tumbled on Friday as investors assessed a series of central bank rate decisions made throughout the week and their implications for the global economy.

Asian stocks ended higher on Friday after Wall Street soared overnight following the Federal Reserve�s outsized rate cut.

Bank of Japan keeps key interest rate steady as it treads cautiously on normalizing policy. The Bank of Japan kept its benchmark interest rate steady at �around 0.25%�, the highest rate since 2008 at the conclusion of a two-day meeting Friday.

Japan�s economy has recovered moderately, the central bank said in its official statement, while acknowledging �some weakness has been seen in part.�

BOJ said the country�s core inflation rate, which strips out fresh food prices will rise through fiscal year 2025.

Japan�s Core CPI, excluding volatile fresh food prices, increased by 2.8% year-on-year in August, reaching a 10-month high. This figure was in line with expectations and up from the 2.7% recorded in the previous month. A core reading that excludes both fresh food and energy prices, closely watched by the BOJ as a gauge of underlying inflation, rose to 2% in August from 1.9% in the prior month. Headline CPI inflation reached a 10-month high of 3% in August, up from 2.8% in the previous month.

In China, the central bank maintained its benchmark lending rates, disappointing hopes for immediate policy support to bolster its struggling economy.

China also kept its key lending rates steady, with the one-year loan prime rate at 3.35% and the five-year LPR at 3.85%.

US stocks surged to new all-time highs on Thursday, as markets welcomed the Federal Reserve`s aggressive interest rate cut to protect the labor market. The S&P 500 gained 1.7%, reaching 5,713.64, while the tech-heavy Nasdaq Composite Index jumped 2.5% to 18,013.98.

The Fed on Wednesday reduced its key lending rate by 0.50%, opting for a larger cut after considering a quarter-point move.

Stocks in Spotlight:

Reliance Infrastructure zoomed 11.13% after the company informed that its board has approved raising of funds up to Rs 3,000 crore through qualified institutional placement (QIP) and upto Rs 3,014.40 crore through preferential allotment, aggregating to Rs 6,014.40 crore.

Power Grid Corporation of India advanced 1.87% after the company said that it has declared a successful bidder for establishing an inter-state transmission system the Khavda project in Gujarat.

IIFL Finance surged 7.37% after the Reserve Bank of India (RBI) has lifted the restrictions imposed on the gold loan business of the company.

Tata Consultancy Services (TCS) shed 0.27%. The company announced that it has launched a new delivery centre in Warsaw and expanding its operations in Poland.

Indostar Capital Finance jumped 4.89% after the company announced that its board has approved the sale of IndoStar Home Finance to WITKOPEEND B.V. for Rs 1,750 crore on a fully diluted basis.

Patel Engineering advanced 2.10% after the company announced that it has been declared as lowest bidder (L1) for a hydropower project of Rs 240.02 crore from NHPC.

Torrent Pharmaceuticals gained 3.14% after the company announced that the United States Food and Drug Administration (USFDA) conducted a routine good manufacturing practices (GMP) inspection at its formulation manufacturing facility located in Pithampur, Madhya Pradesh.

Abbott India added 1.03%. The company said that it has signed a non-exclusive patent license agreement with Takeda Pharmaceuticals Company to commercialize Vonoprazan, a novel molecule in the gastrointestinal therapy area, under the brand name Vonefi.

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