The US Fed’s decision to cut the interest rates by 50 bps bolstered sentiment across Indian equity markets. The domestic indices hit fresh highs in a volatile session. The Nifty 50 touched a new record high of 25,611.95 and the Sensex hit an all-time high of 83,773.61 but came off significantly from intra-day highs. The Nifty 50 still managed to close the session at a record level of 25,415.80 while the Sensex closed 237 points or 0.29% higher at 83,185.
Experts say that the rate cut by the US Fed may provide short-term benefits to India, attracting FIIs as global investors may find emerging markets more attractive and stronger rupee. “However, these advantages may be temporary if the US economy continues to weaken,” said Pradeep Gupta, Co-founder & Vice-chairman of Anand Rathi Group.
Now, all eyes are on IRBI’s policy meeting and rate decision on October 8.
While the broader markets were buzzing with action, here are some interesting stocks in action today –
NTPC
NTPC was the top gainer in the Nifty 50 as soon as markets opened and remained on top of the chart till the closing. The stock rose as much as 4.3% to hit a fresh 52-week high of Rs 431.85 after the company’s green energy arm submitted draft papers with SEBI for listing. The counter closed 2.3% higher at Rs 424.
Telecom Companies
The Supreme Court dismissed petitions filed by telecom companies to pay Rs 92,000 crore to the Department of Telecom (DoT) for Adjusted Gross Revenue, which it passed on October 24, 2019. Following this, the telecom companies dived deep into the red. Vodafone Idea was hurt most, falling as much as 22.4% to an intraday low of Rs 10, posting the biggest single-day fall since January 2022. Other companies also followed the same like Indus Towers, recording the biggest single-day fall since June 04.
BSE
The shares of BSE Ltd. fell after witnessing a rally for the last three trading days. The stock was one of the major laggards in the Midcap stocks. The stock fell more than 8% to an intraday low of Rs 3575.95. The counter closed the day’s trading 4.7% lower at Rs 3,710. The stock rallied over 34% in the last five days on the back of heavy volume.