Aug 01, 2024 09:31 AM IST

Stock market today: Indian shares hit all-time highs at the open today (August) as Nifty breached the 25,000-mark tracking a global rally after the US Federal Reserve hinted at a possible interest rate cut in September. The NSE Nifty 50 rose 0.32% to 25,030.95 points while the BSE Sensex was at 81,949.68. The rally started on Wall Street as the Fed held interest rates steady as expected.

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All 13 major sectors logged gains. Small and mid-caps rose about 0.5% each. Individually, Tata Steel rose 2% after posting a rise in quarterly profit and Coal India gained 2.5% after it beat quarterly profit estimates on higher volumes and lower costs.

Infosys, India’s No.2 IT company, shed about 0.7% after it got a $4 billion tax bill related to services in some of its overseas branches.

Expert view

Pramod Gubbi, co-founder of Marcellus Investment Managers, said, “It’s now almost certain that there will be a rate cut in the U.S. in September, which is very good from an emerging markets perspective, in terms of foreign inflows. For now, it means higher foreign inflows into India which will add to liquidity comfort.”

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Gold prices

Gold prices extended gains on Wednesday. Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd said, “Gold is likely poised for gains amid increased geopolitical tensions and potential interest rate cuts hinted by the Federal Reserve.”

Oil prices

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Oil prices surged nearly 4% on Wednesday as investors worried about the potential widening of Middle East conflicts after the assassination of Hamas chief in Iran. Prathamesh Mallya said, “Crude oil prices are expected to rise amid heightened geopolitical tensions and a significant drop in US crude stockpiles.”