Indian equity markets soared to an all-time high on Thursday with Nifty breaching the 25,000 psychological milestone and the 30-stock Sensex breaching the 82,000 mark.
Bouyed by US Federal Reserve Chair Jerome Powell's hint about a likely cut in the interest rate next month, Indian indices tracked the US rally in the early trade.
Nifty 50 went as high as 25,078.30 points when the market opened while the Sensex started the trade at 81,949.68. Sensex soon crossed the 82,000 mark, goining as high as 82,129.49 within the first hour.
Maruti rose 2.93 per cent after it recorded strong results for the quarter ended in June. Other major gainers in the Sensex basket included Adani Ports, Power Grid, JSW Steel and Tata Steel.
Index heavyweights including HDFC Bank, Reliance Industries, and ICICI Bank helped the indices cross lifetime peaks. However, the likes of M&M, Sun Pharma, ITC, Infosys and TCS were among the top laggards.
The rally comes on the heels of Powell's statement that the US has made progress in reducing inflation to the 2 per cent target. This would mean that the Fed is moving closer toward reducing the key interest rate for the first time in four years.
Asian peers like Tokyo, Shanghai and Hong Kong were trading in the negative territory while Seoul was in the green on Thursday.
On the Wall Street, the shares of Nvidia soared around 13 per cent, increasing its market valuation by $300 billion on Wednesday. The stocks surged $117.02 apiece, making the chipmaker's market cap $2.88 trillion. However, the company, which was the most valued in the world a few weeks ago, had dropped to the third below Apple and Microsoft later and continues to do so.
