Markets@11: Initial zest over Fed rate cut tapers off

Indian markets surged on the back of excitement stemming from the US Federal Reserve’s interest rate cuts. The Sensex hit a record high of 83,773.61, while the Nifty reached 25,611.95. However, as the day progressed, profit-booking eased gains, leaving the market slightly up.

IT stocks were among the top gainers today, with companies like TCS, Infosys, Tech Mahindra, Mindtree, HCL, and Wipro all advancing. The IT index rose by nearly 1.5% before tapering off later in the session.

Bank stocks also saw a notable rise, with the Bank Nifty surpassing the 53,000 mark, gaining 1%. In the realty sector, shares climbed over 1%, driven by hopes of interest rate cuts.

Retail alcohol sale privatisation in AP

In the liquor industry, Andhra Pradesh’s decision to privatise retail alcohol sales provided a significant boost to companies like United Breweries, United Spirits, Radico Khaitan, Allied Blenders, and Tilaknagar Industries, which all posted strong gains.

Garden Reach Shipbuilders saw its shares jump by 5% after securing a contract to build four multi-purpose vessels.

NTPC's subsidiary, NTPC Green, filed its draft prospectus for an IPO, sending the parent company's shares up by 4%.

Info Edge, the parent company of Naukri, Shiksha, and Jeevansathi, gained 4% after a positive brokerage report indicated robust business growth.

Reliance Power up

Reliance Power and Reliance Infra, part of the Anil Ambani group, both surged by up to 5%, as the companies work on reducing debt and launching new projects.

Bajaj Housing Finance, however, dropped 7% amid selling pressure.

The rupee opened strongly, appreciating against the dollar, which fell by seven paise, bringing the rupee to 83.68.

Gold climbed in the global markets, reaching $2,565 an ounce, while in Kerala, the price of gold fell by ₹200, settling at ₹54,600 per sovereign.

Brent crude recovered from earlier lows, trading at $73.63 per barrel.