Sensex, Nifty Surge to New Highs Driven by Lower Crude Prices

Mumbai: In a consecutive second session, the benchmark indices Sensex and Nifty marked record highs, propelled by international crude price declines and increased foreign investments on Thursday. Lower crude prices, particularly below USD 80 per barrel, spurred significant buying activity in the energy, metal, and FMCG sectors.

The BSE Sensex, on its fifth consecutive day of gains, surged 0.52%, adding 371.95 points to settle at a historic closing peak of 72,410.38. Throughout the day, it reached an all-time high of 72,484.34, reflecting a 0.61% increase. The Nifty rose 0.57%, gaining 123.95 points to close at a fresh record of 21,778.70, with an intraday high of 21,801.45, up by 0.67%.

Factors contributing to the optimism include the resolution of the Red Sea issue and a reversal of Foreign Institutional Investor (FII) outflows. The anticipation of more aggressive rate cuts by the Federal Reserve in the coming year also boosted market sentiments. Notably, a decline in Brent crude to USD 79.07 a barrel further fueled positive market dynamics.

Key gainers among Sensex companies included NTPC, Mahindra & Mahindra, Power Grid, Nestle, Tata Motors, ITC, Bharti Airtel, and Kotak Mahindra Bank. On the flip side, Larsen & Toubro, Wipro, JSW Steel, UltraTech Cement, and Asian Paints lagged.