Share Market News: Domestic equity benchmarks registered sharp gains on Wednesday, with the 50-blue-chip index Nifty50 scaling a record closing high of 25,052 after crossing the psychologically important 25,100 level for the first time in intraday trade. IT stocks were the biggest contributors to the gains in both main indices, boosted by the prospect of more frequent and larger rate cuts in the US than anticipated earlier. 

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Both headline indices finished the day 0.1 per cent higher, with the Nifty50 adding 34.6 points to its previous close and the Sensex rising 73.8 points to settle at 81,785.6. During the session, the 50-blue-chip index jumped 111.9 points to touch a lifetime high of 25,129.6 while the leaner, 30-scrip gauge climbed 327.5 points to touch 82,039.3, coming within 90.2 points of its all-time high registered on August 1. 

LTIMindtree, Wipro, Divi's, Bharti Airtel and Infosys - closing between 2.0 per cent and 6.3 per cent higher - rose the most among the 21 gainers in the Nifty50 basket. On the other hand, Maruti Suzuki India, Asian Paints, Adani Enterprises, Shriram Finance and Britannia - finishing up to 1.3 per cent lower - were the top laggards.    

Among heavyweights, Infosys, Bharti Airtel and Sun Pharma were the biggest contributors to the gains in headline indices. 

Overall market breadth learned in favour of the bears in the final hours of trade after remaining largely neutral with a positive bias earlier on Wednesday. At the end of the day, the advance-decline ratio was recorded at 5:4 on BSE as 1,817 stocks rose while 2,145 declined. 

Meanwhile, institutional fund inflows continued to boost liquidity in the market. According to provisional exchange data, foreign institutional investors (FIIs) net purchased Indian equities to the tune of Rs 5,303.4 crore in four back-to-back sessions till Tuesday, a period in which domestic institutional investors (DIIs) made net purchases of almost Rs 7,134 crore. 

According to many analysts, with the earnings season behind, the focus has shifted to global cues and institutional flows on Dalal Street.

Last week, Fed Chair Jerome Powell's dovish remarks at the much-anticipated Jackson Hole symposium strengthened expectations that the US central bank will announce a rate cut at its scheduled review next month.

His comments also supported the view that additional rate cuts may follow.

ALSO READ: What Jerome Powell's Jackson Hole remarks mean for Dalal Street investors

Globally, investors awaited a key US inflation reading due on Friday that could provide more clarity on the course of interest rates in the world's largest economy. 

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