Stock Market News: A tremendous rise is being seen in the Indian stock market on Thursday. Expectations of a possible repo rate cut by the US Fed have strengthened market sentiment. The 30-share Sensex on BSE reached a new record level of 86,026.18 with a jump of 416.67 points in early trade. Earlier on September 27, 2024, it had reached the level of 85,978.25 points.
Market at 14 month high
NSE Nifty also reached an all-time high of 26,306.95 with a gain of 101.65 points. Earlier, Nifty had touched a record level of 26,277 points on 27 September 2024. Among the 30 Sensex companies, shares of Bajaj Finance, Larsen & Toubro, Bajaj Finserv, Asian Paints, HDFC Bank and Hindustan Unilever registered the highest gains.
At the same time, a decline was seen in the shares of Eternal, UltraTech Cement, Trent and State Bank of India. In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, China’s SSE Composite and Hong Kong’s Hang Seng were in positive trend.
Which shares to bet on?
One of the main reasons for the strength in the domestic market is the government’s approval of a scheme worth Rs 7,280 crore to promote the production of rare earths. Apart from this, Mahindra & Mahindra has launched BE.6 Formula E Edition electric SUV priced at Rs 23.69 lakh. Also, Asian Paints has announced an investment of Rs 340 crore for its second plant in UAE.
Market experts say that in the current environment, investing in stocks like SAIL, L&T Finance, Tata Technology, RVNL, BHEL and IIFL can prove profitable. On the contrary, shares of Nykaa, Bharat Electronics, Eicher Motors, Asian Paints, LIC, SBI Life and PI Industries may perform poorly.
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