Updated May 3rd, 2024 at 10:31 IST

Nifty hits fresh all-time high, Sensex above 75,000, Bajaj Finance gains 6.84%

The Nifty gained 146 points to touch its lifetime peak of 22,794.70. Meanwhile, the BSE Sensex is up by 385 points to break past the 75,000 mark.

Reported by: Anirudh Trivedi
Stock market news | Image:Republic World
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Nifty hits new high: The NSE Nifty hit a fresh all-time high on March 3 soon after the market opened with positive global cues driving the market optimism. The Nifty gained 146 points to touch its lifetime peak of 22,794.70. Meanwhile, the BSE Sensex is up by 385 points to break past the 75,000 mark. 

Bajaj Finance, Bajaj Finserv, ONGC, NTPC, and Shriram Finance are the top stocks driving the NSE rally while Adani Enterprises, Bharti Airtel, Hero Moto Corp, and Maruti Suzuki are some of the top losers for the index. 

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Bajaj Finance and Bajaj Finserv’s positive momentum, gaining 7.5 per cent, is being driven by the Reserve Bank of India lifting restrictions on Bajaj Finance’s lending products, allowing it to resume sanctioning and disbursing loans in previously banned business segments.

Previously, the central bank had prohibited Bajaj Finance from issuing loans under its eCOM and Insta EMI Card lending products, citing deficiencies in adhering to digital lending guidelines. The ban was lifted on Wednesday after, Bajaj Finance confirmed that it had implemented the necessary regulatory changes.

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Positive global markets 

The Indian stock market is reflecting a surge in global equities following the Federal Reserve's indication of a pause in interest rate hikes. 

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Easing tensions in the Middle East, coupled with positive domestic earnings reports, have fueled optimism and stimulated buying interest among traders, according to Vishnu Kant Upadhyay, Assistant Vice President of Research at Master Capital Services.

Across Asian markets, there's a positive trend with the MSCI Asia ex-Japan index rising by 1.1 per cent. Wall Street also witnessed gains overnight following Fed Chair Jerome Powell's statement on Wednesday, indicating that further interest rate increases are unlikely.

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However, analysts warn that sustained higher interest rates in the US could trigger foreign outflows from India. This concern comes amid reports of foreign institutional investors selling Indian shares worth Rs 964 crore on Thursday. Nonetheless, domestic institutional investors provided a buffer by purchasing shares worth 13.52 billion rupees on a net basis.

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Published May 3rd, 2024 at 09:52 IST