Sensex, Nifty Scale New Highs On Optimism About US Economy
(RTTNews) - Indian shares hit new record highs on Friday as positive U.S. labor market and GDP data pointed to a soft landing for the world's largest economy.
Overall gains, however, remained limited due to rising oil prices, driven by concerns over potential supply disruptions in Libya and production cuts by Iraq.
Also, robust U.S. economic data prompted traders to temper their expectations for aggressive Federal Reserve interest-rate cuts.
The release of the U.S. PCE inflation data later in the day could impact expectations regarding how quickly the Federal Reserve will lower rates.
The 30-share BSE Sensex added 231.16 points, or 0.28 percent, to settle at 82,365.77, after having hit a new record high of 82,637.03 during the intra-day trade.
The broader NSE Nifty index closed up 83.95 points, or 0.33 percent, at 25,235.90 after reaching a fresh record high of 25,268.35 earlier.
NTPC, Divis Laboratories, Mahindra & Mahindra, Bajaj Finance and Cipla all rose around 2 percent in the Nifty pack while Tata Motors, HDFC Bank and Tech Mahindra fell about 1 percent each.
Sakthi Sugars, Balrampur Chini, Shree Renuka Sugars, Bajaj Hindusthan and Dwarikesh Sugar Industries soared 4-5 percent after the government permitted sugar mills to use cane juice or syrup to produce ethanol for the Ethanol Supply Year (ESY) 2024-25 beginning November 1, 2024.
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