SENSEX breaches 85,000 for first time, NIFTY tops 25,950; metal stocks dazzle

The S&P BSE SENSEX breached the 85,000 level for the first time. The index hit a high of 85,044.85 by the time of writing this article.

The NSE's NIFTY50 was trading above 25,950 levels at 25,969.05, up 30 points, or 0.12%.

JSW Steel, Tata Steel, Hindalco, Power Grid, and Tata Consumer Products were the biggest gainers on the NSE, while Cipla, HUL, Infosys, Wipro, and HCLTech were the top losers. 

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Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data.

Broader Market

The BSE MidCap index was up 0.20% at 49,617.04 points, while the BSE SmallCap index was trading at 57,632.74, up 0.24%. 

Sector Watch

Metal, commodities, and utility stocks were trading with decent gains on the BSE in the early trade. Metals were the top gainer. The S&P BSE METAL index was trading nearly 1.8% higher. On the downside, IT stocks continued to decline. 

Global Markets

Asian stocks rose on Tuesday to their highest in more than two and a half years, boosted by a slew of Chinese stimulus measures, while expectations for more US rate cuts kept risk sentiment aloft and the dollar under pressure. Hong Kong's Hang Seng Index jumped over 2% in early trading, with the mainland properties index surging 5%.

That pushed MSCI's broadest index of Asia-Pacific shares outside Japan 0.41% higher to 588.43, levels last seen in April 2022.

On Wall Street, the Dow Jones Industrial Average rose 61.29 points, or 0.15%, to 42,124.65, the S&P 500 rose 16.02 points, or 0.28%, to 5,718.57, and the Nasdaq Composite rose 25.95 points, or 0.14%, to 17,974.27.