Markets hit new lifetime highs, Sensex gains 370 points, Gold shines, oil slips, Rupee gains

Mumbai: Equity benchmark indices Sensex and Nifty advanced further to settle at record highs for the second straight session on Thursday, buoyed by lower crude prices in international markets and fresh foreign fund inflows amid a largely positive global cue.

Hectic buying in energy, metal and FMCG counters also added to the momentum, traders said.

Rising for the fifth consecutive day, the 30-share BSE Sensex jumped 371.95 points or 0.52 per cent to settle at an all-time closing high of 72,410.38. During the day, it rallied 445.91 points or 0.61 per cent to reach its lifetime peak of 72,484.34. The Nifty climbed 123.95 points or 0.57 per cent to settle at a fresh record of 21,778.70. During the day, it zoomed 146.7 points or 0.67 per cent to hit its lifetime high of 21,801.45.

"The benchmark index maintained its optimism and hit a fresh high owing to ease in the Red Sea issue and reversal of FII inflows. A decline in crude oil prices below USD 80 prompted widespread purchasing across oil and energy companies.

"The Asian market too advanced due to expectation of more aggressive rate cuts by the Fed next year," said Vinod Nair, Head of Research at Geojit Financial Services.

Among the Sensex firms, NTPC, Mahindra & Mahindra, Power Grid, Nestle, Tata Motors, ITC, Bharti Airtel and Kotak Mahindra Bank were the major gainers.

In contrast, Larsen & Toubro, Wipro, JSW Steel, UltraTech Cement, and Asian Paints were among the laggards.

In Asian markets, Seoul, Shanghai, and Hong Kong settled with gains, while Tokyo ended lower.

European markets were trading marginally lower. The US markets ended in the green on Wednesday.

Global oil benchmark Brent crude declined 0.73 per cent to USD 79.07 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday after continuous offloading and bought equities worth Rs 2,926.05 crore, according to exchange data.

In the previous session, the BSE benchmark jumped 701.63 points, or 0.98 per cent, to settle at its all-time closing high of 72,038.43. The Nifty climbed 213.40 points, or 1 per cent, to settle at a record high of 21,654.75.

Gold shines on global cues, jumps Rs. 450  

Gold prices surged Rs 450 to Rs 64,300 per 10 grams on Thursday amid strong global cues, according to HDFC Securities.

This is at least the second time the precious metal prices have touched a record high of Rs 64,300 per 10 grams on December 4.

In the previous trade, the yellow metal had ended at Rs 63,850 per 10 grams.

Silver also climbed Rs 400 to Rs 79,500 per kilogram, while it had closed at Rs 79,100 per kg in the previous close.

In the international markets, gold and silver were quoting higher at $2,080 per ounce and $24.31 per ounce, respectively.

"The Comex spot gold surged to a three-week high following a fall in US Treasury yields and the dollar index, while traders anticipate aggressive Federal Reserve interest rate cuts by next year," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

The US jobs data, to be released on Thursday, will give more cues on the macro front and provide further insights into the potential shifts in the US Fed's monetary policy, Gandhi added. 

Rupee rebounds 17 paise at 83.17 against $ 

Mumbai: The rupee rebounded after two straight days of fall to settle 17 paise higher at 83.17 (provisional) against the US dollar on Thursday, amid a weak American currency overseas and a rally in domestic equity markets.

The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.33 and traded in a range of 83.16-83.34 against the greenback. The local unit finally settled at 83.17 (provisional), registering a gain of 17 paise over its previous close.

The rupee had lost 18 paise in the previous two sessions.

On Wednesday, the domestic currency settled 15 paise lower at 83.34 against the dollar, a day after closing at a loss of 3 paise.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee appreciated on the weak US dollar and a surge in domestic markets.

Choudhary said the rupee is likely to trade with a slight positive bias on fresh foreign inflows and an extended decline in the US dollar. Also, "traders may take cues from weekly unemployment claims data from the US. USD-INR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50".

The US dollar declined on rising expectations of rate cuts by the US Federal Reserve.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.28 per cent at 100.37 on Thursday.

Meanwhile, global oil price benchmark Brent crude declined 0.64 per cent to USD 79.14 per barrel.

In the domestic equity market, the 30-share BSE Sensex jumped 371.95 points or 0.52 per cent to settle at an all-time high of 72,410.38 points. The broader NSE Nifty soared 123.95 points or 0.57 per cent to 21,778.70 points.

FIIs bought equities worth Rs 2,926.05 crore on Wednesday, according to exchange data. 

 Oil slips 0.38% at $79.35

Crude oil futures on Thursday declined 0.95 per cent to Rs 6,152 per barrel as participants trimmed their positions on low demand.

On the Multi Commodity Exchange, crude oil for January delivery fell Rs 59 or 0.95 per cent to Rs 6,152 per barrel with a business volume of 11,754 lots.

Globally, West Texas Intermediate crude oil traded 0.50 per cent lower at $73.74 per barrel, while Brent crude was trading down 0.38 per cent at $79.35 per barrel.