Sensex soars past 84,000 for the first time, Nifty hits record high

The Sensex reached an all-time high on Friday, crossing the 84,000 mark for the first time, closing at 84,544. The Nifty 50 also surged, climbing 375 points to close at a record 25,791. All sectoral indices ended the day in positive territory, with metals and autos leading the gains. ICICI Bank recorded its largest single-day gain since April, rising more than 4%.

Investor sentiment was boosted by the Federal Reserve’s larger-than-expected rate cut, fueling hopes of a soft landing for the U.S. economy. This optimism was further supported by a drop in U.S. jobless claims, triggering a global market rally. Mahindra & Mahindra, Shriram Finance, and NTPC were the top performers on the Nifty 50, while TCS, HCLTech, and BPCL lagged behind.

In the midcap space, the index jumped 857 points to 60,209, with BSE Ltd, Max Health, and Macrotech leading gains, while Vodafone Idea and Indus Towers were among the laggards. Shipbuilding stocks surged as well, with Cochin Shipyard and Garden Reach rising nearly 10% each. The Nifty Bank index gained nearly 3% for the second consecutive week, marking a record high after 55 sessions.

The Indian rupee appreciated for the fifth consecutive session, closing at 83.5625 against the U.S. dollar, buoyed by the positive global sentiment. Experts predict further appreciation of the rupee as foreign investors increase inflows into Indian markets.