SENSEX, NIFTY50 hit record highs after 14 months led by gains in HDFC Bank, ICICI Bank

The NIFTY50 index jumped as much as 102 points to record high of 26,306.85 and SENSEX climbed as much as 417 points to hit an all-time high of 86,026 amid positive cues from global markets.

As of 10:23 am, the SENSEX was trading 335 points higher at 85,945 levels, while the NIFTY50 index traded 78 points higher at 26,283.

Global markets

Asian shares extended their winning streak on Thursday, fuelled by rising expectations of a rate cut by the United States Federal Reserve.

Japan's Nikkei rose 1.24%, Hong Kong's Hang Seng advanced 0.35%, South Korea's KOSPI jumped 1.14%, and China's Shanghai Composite jumped 0.66%.

US stocks ended higher on Wednesday as expectations of a Fed rate cut in December fuelled buying interest ahead of Thanksgiving break.

The Dow Jones Industrial Average rose 0.67%, the S&P 500 climbed 0.69%, and the tech-heavy Nasdaq advanced 0.82%.

Sectoral landscape

Buying was visible across sectors, as eleven of 15 major sector gauges compiled by the National Stock Exchange were trading higher, led by the NIFTY Financial Services index's 0.5% gain. NIFTY Bank, Auto, Metal, Pharma and Private Bank indices also rose between 0.3% and 0.5%.

On the flipside, select PSU banking, realty, consumer durables and oil & gas shares were facing selling pressure.

Broader markets were in line with their larger peers as the NIFTY Midcap 100 index rose 0.18% and the NIFTY Smallcap 100 index advanced 0.09%.

NIFTY50 gainers and losers

Bajaj Finance was the top gainer in the NIFTY50 index; the stock rose 1.44% to ₹1,025. Shriram Finance, Asian Paints, Bajaj Finserv, Larsen & Toubro, Hindalco, Bajaj Auto, Hindustan Unilever and ICICI Bank were also among the gainers.

On the flipside, Eternal, HDFC Life, Eicher Motors, SBI Life, Ultratech Cement, ONGC, Apollo Hospitals and Adani Enterprises were top losers in the NIFTY50 index.

The overall market breadth was positive, as 1,824 shares were advancing while 1,324 were declining in the BSE.