Markets rally as inflation cools; Nifty eyes 26,000
Markets rally as inflation cools; Nifty eyes 26,000
Sensex and Nifty extend gains for a third straight session, aided by cooling inflation and upbeat global cues, with traders watching a potential move toward 26,000.
Indian equity benchmarks extended their rally for a third straight session as cooling domestic inflation and optimistic global signals brightened sentiment. The Sensex finished up 595.19 points at 84,466.51, while the Nifty50 rose 180.85 points to 25,875.80.
Earlier, Nifty futures on the NSE IFEX traded 32.60 points, or 0.13%, lower at 25,953.60, hinting at a tepid start for the domestic market before buyers stepped in.
Inflation data for October showed consumer prices cooling to a record low, providing relief for the market. Traders also kept an eye on ongoing earnings season and the pace of progress on a possible India-US trade deal, which analysts say could extend the gains.
On the global front, US indices closed mixed with the Dow Jones Industrial Average hitting a record high, the S&P 500 nudging higher, while the Nasdaq eased. Crude oil prices declined for a second day as inventories rose in the US, with Brent crude at $62.69 a barrel and WTI around $58.44.
Analysts highlighted strength in large-cap names, with Reliance Industries, HDFC Bank, ICICI Bank and Kotak Bank leading the rally. Midcap names faced some pressure, and there was no significant selling in the big four, suggesting sustained optimism on Indian markets.
Cover image source: Investor wealth jumps Rs 4 lakh crore as Sensex, Nifty extend rally for 3rd day 🔗
