Latest Stock Market News

Gold prices declined Rs 250 to Rs 74,350 per 10 grams in the national capital on Thursday, while silver rates surged to reclaim the 87,000 level, according to All India Sarafa Association. On Wednesday, the precious metal or pure gold (99.9 per cent purity) ended at Rs 74,600 per 10 grams.

Indian government bond yields ended lower on Thursday on expectations of policy easing from China, although the major focus was on local inflation data a day after U.S. print reduced the odds of a large rate cut by the Federal Reserve next week.

The Nifty Bank index closed 1.49 per cent up at 51772.4.

Short covering occurs when traders repurchase shares they had previously sold short, typically in response to a change in market sentiment or new information. This action usually reduces open interest and can lead to a rise in the stock price. On Thursday, five stocks experienced short covering.

The European Central Bank has cut interest rates again as inflation slows and economic growth falters. The deposit rate was lowered by 25 basis points to 3.50%. Investors are now looking for clues on future rate cuts, but the ECB has not pre-committed to any specific path.

On the technical charts, the RSI of the stock stood at 62.82.

India’s Sensex and Nifty soared over 1% to new highs on Thursday, driven by global market trends and expectations of U.S. rate cuts.

Indian investors should prioritize receiving bets on overnight indexed swaps over taking fresh long positions in bonds as potential gains from OIS are expected to outperform bonds once the global rate-cut cycle begins, a BNP Paribas official said.

The Indian rupee ended nearly flat on Thursday, with intervention by the Reserve Bank of India helping to stabilize the currency despite a broader decline among most Asian peers.

The Indian market, initially subdued by mixed global cues, surged to new record highs. The S&P BSE Sensex reached 83,116 and the Nifty50 hit 25,433. Gains were seen in auto, power, telecom, metal, and IT stocks.