India’s equity benchmarks Sensex and Nifty opened at record levels on Thursday, triggered by the US Federal Reserve signalling a potential rate cut in September.
The Bombay Stock Exchange (BSE) flagship index Sensex climbed 0.47 percent or 388 points to cross the 82,000-mark for the first time, to reach 82,129.49 in early trading hours.
Nifty, the flagship index of the National Stock Exchange (NSE) crossed the 25,000 milestone for the first time.
Market participants said broader markets were also buzzing in trade.
Nifty’s last 1,000-point jump from 23,000 to 24,000 was achieved in 23 days, which was the second-fastest rally.
The index is up around 17 percent this year, making it one of the best-performing emerging markets globally.
Meanwhile, the US markets also ended higher after Federal Reserve Chair Jerome Powell suggested the possibility of an interest rate cut at the next meeting, should inflation data continue to show signs of easing.
The Federal Reserve decided to keep interest rates unchanged at 5.25 percent-5.50 percent for the eighth straight meeting, in-line with street estimates.
Additionally, Meta’s financial results exceeded expectations, providing further boost to US markets.
The Nasdaq surged 2.64 percent, the S&P 500 climbed 1.58 percent, and the Dow Jones increased 0.24 percent.
In the Asia-Pacific region, market reactions were mixed following Powell’s hints about a potential September rate cut.
Australia’s ASX 200 reached a new high, rising 0.46 percent and Korea’s Kospi rose by 0.44 percent, while Japan’s Nikkei fell 2.26 percent.
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