Sensex surges 500 points, Nifty gains momentum; JSW Steel jumps 3%

Benchmark stock market indices opened Friday’s trading session on a positive note as the US Federal Reserve’s rate cut has boosted the risk appetite among investors.
The S&P BSE Sensex was up 415.45 points at 83,600.25 at 10:16 am, while the NSE Nifty50 gained 135.80 points to trade at 25,550.90.
Most of the other broader market indices that weakened yesterday have gained momentum today, providing a boost to smallcap and midcap stocks.
Major sectoral indices such as Nifty Bank, Nifty Financial Services and Nifty Auto gained, but Nifty IT was in the red due to profit booking in information technology stocks.
The top 5 gainers on the Nifty50 were JSW Steel, Coal India, HDFC Life, M&M and Maruti. On the other hand, NTPC, Grasim, Cipla, TCS and Tata Motors.
Among other individual stocks, Rites gained over 7% as its shares trade ex-bonus and ex-dividend from today.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US.”
“The good labour market data from the US indicates that it is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario. This is positive for global equity markets,” he added.
“A significant trend in India is the outperformance of Bank Nifty which is up two percent this week against Nifty’s rise of 0.2%. Weakness in the broader market on valuation concerns is another important trend. These trends are likely to continue.”