Benchmark indices Nifty 50 and Sensex reached record intraday highs today, driven by strong gains in automaker and metal stocks, as investors anticipate remarks from US Federal Reserve Chair Jerome Powell following recent monetary policy easing in the US.

The Nifty 50 gained 211.90 points to close at 26,216.05, while the Sensex rose 666.25 points to finish at 85,836.12 by the end of today’s trading session.

The Nifty 50 has experienced multiple bullish rallies following the Fed’s first interest rate cut since 2020, gaining 2.7% in the past five days. Markets also received positive momentum from China’s recent economic stimulus aimed at boosting its economy.

The People’s Bank of China (PBOC) announced a 50 basis point cut in the reserve requirement ratio (RRR) for banks. Experts believe this move aims to provide enough liquidity for the government to continue issuing bonds.

Auto stocks rose ahead of monthly sales data, with Maruti up 5% and M&M increasing by 3%. Tata Motors also gained 3% after JLR’s £500 million investment in a parallel EV production plan.

Shares of Trent Ltd., Tata Group’s fashion and lifestyle business, jumped 4% to reach a record high of Rs 7,911 on 26th September.

The sharp uptick in Trent’s shares followed the initiation of coverage with a ‘Buy’ recommendation and a target price of Rs 9,250 per share.

Shares of PB Fintech fell as much as 9% on Thursday after the company confirmed reports of exploring opportunities to venture into the healthcare space by establishing its own hospitals.

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