Sensex climbs 123.58 points; Nifty takes winning run to 7th day

Mumbai: Benchmark BSE Sensex climbed 123 points while broader Nifty settled above 25,000 on Thursday, tracking a rally in global peers amid Fed rate cut hopes.

Rallying for the fourth day in a row, the 30-share Sensex climbed 123.58 points or 0.15 per cent to settle at 81,548.73. During the day, it rallied 217.07 points or 0.26 per cent to 81,642.22.

The 50-share NSE Nifty rose by 32.40 points or 0.13 per cent to close at a nearly three-week high of 25,005.50, marking its seventh consecutive day of gains.

Among Sensex firms, NTPC, Axis Bank, Power Grid, Bharti Airtel, Eternal and Sun Pharma were the major gainers.

However, Infosys, Titan, UltraTech Cement and Hindustan Unilever were among the laggards.

"The Nifty50 index has closed above the critical threshold of 25,000. The unexpected imposition of a 50 per cent tariff on India by the US initially dragged the main index down to 24,400,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

Positive signals from the US to resume trade discussions with India have further paved the way for the index to ascend into a new range, which was highly expected by the market, Nair added.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in positive territory while Hong Kong's Hang Seng ended lower.

Markets in Europe were trading higher. US markets ended on a mixed note on Wednesday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 115.69 crore after a day's breather on Wednesday, according to exchange data. However, domestic institutional investors (DIIs) bought stocks worth Rs 5,004.29 crore in the previous day.

Global oil benchmark Brent crude dipped 0.24 per cent to USD 67.28 a barrel.