 "Bulls charge the bourses: Sensex crosses 83K mark, Nifty at fresh life high too amid stock market rally")
Both Indian benchmark stock market indices rallied to record highs towards the end of the trading session on Thursday (September 12).
The 30-share BSE Sensex gained over 1,600 points and breached the 83,000 mark for the first time ever to clock a fresh lifetime high of 83,116.19. Meanwhile, the broader Nifty 50 index hit a record high of 25,433.35 points after rising over 500 points.
This marked the second record high for the index this month so far.
Both indices were boosted by heavy-weight banks and IT stocks.
Top gainers, losers
Among the Sensex pack, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India and Kotak Mahindra Bank were the biggest gainers.
Nestle emerged as the only laggard in the 30-share index.
In the Nifty 50 pack, Hindalco, Bharti Airtel, NTPC, Shriram Finance, and Grasim Industries were the top gainers. Here, too, Nestle was the only laggard.
Reasons behind the rally
Perhaps the biggest reason behind the stock market bull run on Thursday was the optimism regarding an interest rate cut in the United States.
On Wednesday (September 11), data released by the US Labour Department showed that the consumer inflation in the country had eased more than expected in the month of August. With higher-than-expected slowdown in inflation, investors’ confidence in the US Federal Reserve enacting a substantial interest rate cut went up.
Impact Shorts
More ShortsGlobal markets rallied on the back of that boost to confidence. Indian indices tracked those gains.
Another reason was the rise in foreign inflows into the Indian stock market.
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