FINAL TRADE: Indices close at record highs; Nifty ends above 26,200, Sensex adds 666 pts

Sensex, Nifty closing on September 26, 2024: Indian equities on the expiry day traded near record highs hit earlier in the day as traders anticipate still further cuts in the next Fed meeting. Nifty ended at 26,216.05, up 0.81 per cent pr 211.9 points, while Sensex closed higher by 0.78 per cent ot 666.25 points at 85,836.12. 

Bank Nifty also logged its fresh high as valuation comfort aided buying sentiment, led by stocks including SBI, PNB, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank among others. At the close, the index ended 0.51 per cent higher. The broader markets in comparison to the frontline indices underperformed.

From the Nifty pack, Maruti Suzuki, Tata Motors, Hindalco, Tata Steel and M&M topped as gainers, while losers included stocks like Cipla, Divi's Laboratories, ONGC, NTPC and Larsen and Toubro.

Vinod Nair, Head of Research, Geojit Financial Services said, "China's recent economic stimulus announcement has greatly enhanced investor confidence, resulting in significant positive momentum in global markets, especially within Asian indices"

Moreover, the market is maintaining an optimistic outlook in response to stable U.S. economic data. Concurrently, the Indian market is reaching new highs, anticipating a strong recovery in corporate earnings for the H2FY25, fuelled by expected government expenditure.

Notably, this rally is led by large-cap stocks, which are more fairly valued compared to mid and small caps, which are exhibiting signs of fatigue, added Nair.

Rupak De, Senior Technical Analyst, LKP Securities in view of the index technicals said, "The Nifty has broken out of consolidation on the daily timeframe, indicating increasing bullish momentum. The sentiment is expected to stay positive as the index closed above a key moving average. A drop below 26,000 might disrupt the current bullish trend, but until then, the strength is likely to persist in the index."

Meanwhile, European markets traded on a solid note with French CAC leading with gains of up to 1.4 per cent at the last count.