Equity benchmarks scaled new all-time highs on Thursday morning, with the 50 surpassing its previous record of 26,277.35 after 14 months, buoyed by expectations of US Federal Reserve rate cuts and strong institutional buying.
The Nifty 50 opened at 26,261.25 against the previous close of 26,205.30 and touched a record high of 26,295.55 in early trade. At 9:55 am, the index was trading at 26,260.35, up 55.05 points or 0.21 per cent. The BSE opened at 85,745.05 compared to the previous close of 85,609.51, and was trading at 85,834.94, up 225.43 points or 0.26 per cent, after hitting a 52-week high of 85,940.24.
“With the 320 point rally in the Nifty yesterday, the market construct has changed to a bullish mode. New all-time highs for Nifty and Sensex are only a question of time,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “The rally has fundamental support from potential earnings growth expected in Q3 and Q4 of FY 26.”
Foreign Institutional Investors continued their buying streak, purchasing equities worth ₹4,778 crore on November 26, while Domestic Institutional Investors added ₹6,247 crore during the same session. FII long futures positions rose by 3,342 contracts, reflecting a bullish undertone.
Among the top gainers on the Nifty 50, Bajaj Finance led with a 2.26 per cent rise to ₹1,033.50, followed by up 1.20 per cent at ₹866.85, and gaining 1.19 per cent to ₹2,110.00. advanced 1.13 per cent to ₹2,906.40, while rose 1.08 per cent to ₹4,106.00.
On the losing side, Eternal led the decliners with a 1.21 per cent drop to ₹303.15, followed by HDFC Life down 1.20 per cent at ₹778.10. Eicher Motors fell 0.97 per cent to ₹7,128.50, ONGC declined 0.81 per cent to ₹245.70, and SBI Life slipped 0.65 per cent to ₹2,016.00.
Bank Nifty remained an outperformer, having surged to a fresh record at 59,554.95 and moving closer to the psychological 60,000 mark. “Bank Nifty remains the relative outperformer and continues to trade in the upper half of its rising channel,” noted Ponmudi R, CEO of Enrich Money. “The index appears well-poised to test the psychological 60,000 level.”
The metals sector outperformed after positive cues from the Steel Secretary, with JSW Steel topping gains amid safeguard duty expectations. In corporate news, the Cabinet approved a ₹7,280 crore scheme to promote domestic manufacturing of rare earth permanent magnets. Mahindra & Mahindra launched the BE 6 Formula E Edition electric SUV with prices starting at ₹23.69 lakh.
“Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally,” Vijayakumar added.
Global markets provided support, with US indices extending gains for a second day. The Dow Jones rose 314 points to 47,427.12 and the S&P 500 gained 46 points to 6,812.61, driven by dovish Fed commentary and softer Treasury yields.
In commodities, gold prices moved higher as markets priced in a higher probability of a Federal Reserve rate cut in December. “The dollar index extended its decline, and benchmark U.S. 10-year yields slipped below the key 4.0 per cent mark to a one-month low, boosting precious metal appeal,” said Rahul Kalantri, VP Commodities at Mehta Equities.
Crude oil prices rebounded from one-month lows as traders awaited signals on global supply amid ongoing Russia-Ukraine peace negotiations. Brent futures were trading at $62.3 per barrel.