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Sensex reverts toward record highs on Thursday


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  • India’s Sensex rebounds toward record highs on Thursday, led by firmer Tata Group shares.
  • Sensex hit fresh record highs above 74,000 on Wednesday, helped by banking stocks.
  • US Nonfarm Payrolls and Fed Chair Powell testimony eyed after poor US ADP and JOLTs data.

The Sensex 30, one of India’s key benchmark indices, returns to the green on Thursday, reverting toward fresh record highs of 74,245.17.

The Indian index is ditching negative global stock markets and a softer risk tone, as the rally in Tata Group shares comes to the rescue.

At the time of writing, the Bombay Stock Exchange (BSE) Sensex 30 is adding 0.15% on the day to trade at 74,175.

Stock market news

  • The top gainers on Sensex are JSW Steel, Tata Steel, Bajaj Finance, Asian Paints and Tata Motors. Meanwhile, the main laggards are Mahindra & Mahindra, ICICI Bank, Axis Bank, Maruti Suzuki and Reliance Industries.
  • Among the Tata Group stocks, Tata Chemicals, Tata Consumer Products, Tata Investment Corporation and Tata Steel hit their respective record highs in intra-day trade.
  • Tata Power announced that it became an Indian Integrated Power entity with validated science-based targets. 
  • Larsen and Toubro Ltd’s (L&T) hydrocarbon vertical secured an offshore order from ONGC for a project.
  • SingTel sells 0.8% stake in Bharti Airtel for $711 mn to GQG Partners.
  • Bajaj Auto hit new high; rallies 12% in one week after robust Feb sales
  • The US stock markets stayed afloat on Wednesday, following US Federal Reserve Chair Jerome Powell’s testimony before the House Financial Services Committee. Powell said that interest rate cuts are still likely in the coming months if inflation continues to ease.
  • Meanwhile, the US private sector added 140,000 jobs in February, an increase from the upwardly revised 111,000 in January but a bit below the expected 150,000 additions, ADP reported on Wednesday.
  • The number of job openings on the last business day of January stood at 8.86 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Wednesday. The data followed 8.88 million (revised from 9.02 million) openings in December and came in slightly below the market forecast of 8.9 million.
  • Markets are currently pricing in about a 70% chance that the Fed could begin easing rates in June, slightly higher than a 63% probability seen a day ago, according to the CME FedWatch Tool.
  • It’s a holiday-shortened week for the Indian markets, as they will be closed, in observance of the Mahashivratri festival on Friday.
  • The main event risks for markets this week will be the US Federal Reserve (Fed) Chair Jerome Powell’s testimony and the all-important US Nonfarm Payrolls data. Powell will appear before the Senate Banking Committee later in the day.
  • The focus continues to remain on the week-long China’s National People’s Congress (NPC) meeting which could flag new stimulus measures.

Nifty 50 FAQs

The Nifty 50, or simply Nifty, is the most commonly followed stock index in India. It was launched in 1996 by the National Stock Exchange of India (NSE). It plots the weighted average share price of 50 of the largest Indian corporations, offering investors comprehensive exposure to 13 sectors of the economy. Each corporation’s weighting is based on its “free-float capitalization”, or the value of all its shares readily available for trading.

The Nifty is a composite so its value is dependent on the performance of the companies that make up the index, as revealed in their quarterly and annual results. Another factor is government policies, such as when in 2016 the government decided to demonetize 500 and 1000 Rupee banknotes. This led to a temporary cash shortage which negatively impacted the Nifty. The level of interest rates set by the Reserve Bank of India is a further factor as it determines the cost of borrowing. Climate change, pandemics and natural disasters are also drivers.

The Nifty 50 was launched on April 22, 1996 at a base level of 1,000. Its highest recorded level to date is 22,097 achieved on January 15, 2024 (this is being written in Feb 2024). The index first closed above the 10,000 level on October 17, 2017. The Nifty recorded its biggest daily decline on March 23, 2020 during the Covid pandemic, when it fell 1,125 points or 12.37%. The Nifty’s biggest gain in a single day occurred on May 18, 2009, when it rose 651 points after the results of the Indian elections.

Major corporations in the Nifty 50 include HDFC Bank, Reliance Industries, ICICI Bank, Tata Consultancy Services, Larsen and Toubro, ITC Ltd, Housing Development Finance Corporation Ltd and Kotak Mahendra Bank.