Nifty tops 26k for first time, Sensex rises 256 pts in market rally

The record-breaking streak on Dalal Street extended on Wednesday, with the Nifty closing above 26,000 for the first time, driven by gains in energy, metal, and media stocks.The recent rally is fueled by optimism over the US Federal Reserve's aggressive rate cut last week and expectations of sustained foreign inflows. Gains in Nifty Bank, driven by the weekly expiry of Bank Nifty F&O contracts, further bolstered the Nifty's performance.
At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 63.75 points or 0.25 percent at 26,004.15.BSE Sensex and Nifty touched fresh high of 85,247.42 and 26,032.80, respectively.
Power Grid Corp, NTPC, Axis Bank, Grasim Industries, Bajaj Finserv were the top gainers on the Nifty, while losers included LTIMindtree, Tech Mahindra, Tata Consumer, Tata Motors and Titan Company.
On the sectoral front, power, metal, media and realty indices up 0.5-3 percent, while FMCG, PSU Bank and IT were down 0.5-1 percent. BSE Midcap and Smallcap indices down 0.5 percent each.
Rupee Close:
On 25 Sep'24,the Indian  rupee appreciated 3 paise to close at 83.60 against the U.S. dollar on Wednesday,tracking a positive trend in domestic equities and a weak greenback against major currencies overseas. However, net foreign fund outflows capped sharp gains in the local unit,” Forex traders reportedly stated.
Trading Guide:
Market experts have recommended five stocks to buy -Lloyds Metals and Energy , Bharat Heavy Electricals, Dr. Lal PathLabs, Tata Steel and Gujarat State Fertilizers & Chemicals.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)