SENSEX rises 354 pts, close above 75k for the first time, NIFTY50 above 22,750

Benchmark indices ended higher today amid volatility. NIFTY50 opened 0.50% higher and closed above the previous mark at 22,753. BSE SENSEX ended 0.47% higher, closing above the 75,000 level for the first time as investors await US inflation numbers, which are set to guide the Fed’s policy calls.

Domestic markets sustained upward momentum supported by banking and FMCG stocks. Also, robust performance in the broader markets lifted the investor's sentiments. Markets now look forward to FOMC minutes and the US inflation data, which will be announced later in the day.

After the release of strong US job data, experts anticipate a spike in the US inflation data, which could reduce the likelihood of a near-term rate cut by the US Federal Reserve.

Out of the NIFTY50 space, 32 stocks closed in green. Coal India (+3.5%), BPCL (+3.4%), and ITC (+2.2%) were among the top gainers, while HDFC Life (-2.0%), Cipla (-1.6%) and Maruti (-1.6%) were top losers.

Broader market indices continue to outperform benchmark indices. NIFTY Midcap100 closed +0.97% higher today, while NIFTY Smallcap100 closed 0.73% higher. The Small Cap Index is on the run, closing in green for the 13th straight trading session.

On the sectoral front, Nifty Media(+1.8%), Nifty PSU Bank (+1.5%), Nifty Oil & Gas (+1.5%) were top gainers, while NIFTY Auto (-0.06%) was the sole loser today.

Metal stocks witnessed substantial gains today, with the NIFTY Metal index closing 1.18% higher, on the back of the strong performance of heavy lifters like Vedanta (+0.5%) and Hindal Co (+0.31%)

Banking stocks outperformed on the exchange today on account of buy sentiment for Kotak Bank, SBI, and Punjab National Bank. Bank Nifty closed 0.53% higher on the exchange today, although sell-off in HDFC pared index gains.

On the stock front, Reliance Infra got locked in a 20% lower circuit after the Supreme Court relieved Delhi Metro Rail Corporation (DMRC) of liability of ₹8,000 crore by setting aside its 2021 judgement favouring Reliance Infra’s unit. Read more here

PB Fintech touched its year high after it announced the incorporation of a payments aggregator subsidiary, PB Pay which would provide merchants with offline and/or digital payment acceptance infrastructure. Read more here

Ramco Systems shares hit a 20% upper circuit during the session after the company announced a strategic partnership with South Korea's Korean Airline for the application of Ramco’s flagship aviation software, Ramco Aviation Suite Read more