Indian benchmark equity indices Sensex and Nifty closed at fresh record highs on Thursday, gaining over 1.5%. The rally in the market came on the back of increased interest from global investors. Expectations of foreign investment picking up in the domestic equity market after the US inflation data raised expectations of a 25 basis points cut in interest rates by the Federal Reserve. On Thursday, the BSE Sensex rose 1,440 points or 1.77% to close at 82,962. The Nifty50 gained 470 points or 1.89% to close at 25,388.9, surpassing its previous high of 25,333.7.

Market cap of companies listed on BSE increased by Rs 6.6 lakh crore

Meanwhile, the market capitalisation of all companies listed on the BSE rose by Rs 6.6 lakh crore to Rs 467.36 lakh crore. US consumer prices rose marginally in August, but underlying inflation showed some stability, data showed. This increased the probability of a 25 basis point rate cut by the Fed on September 18 from 66% to 85%, while the probability of a larger 50-bps rate cut fell from 34% to 15%, according to CME FedWatch. 

IT companies grew by 1.6%

IT companies, which derive a major chunk of their revenue from the US, rose 1.6%. Additionally, Nifty bank, auto, financial services, FMCG, metal, healthcare, consumer durables and oil & gas sector stocks gained 1-3%. Bharti Airtel, Reliance Industries, HDFC Bank, Infosys and ICICI Bank together added nearly 700 points to the Sensex rally. L&T, M&M, NTPC and Kotak Bank also contributed significantly to the index's gain.

Bharti Airtel shares rose by 5%

Bharti Airtel shares rose nearly 5% on Thursday to hit its 52-week high of Rs 1,650.75 on the NSE. The stock contributed to the BSE Sensex hitting its all-time high of 82,774.9. The stock has traded with gains in the last four trading sessions and has gained nearly 7%.

Supreme Court gave this direction on Coastal Energy

Supreme Court orders status quo in case related to insolvency proceedings of Coastal Energen. The Supreme Court on Thursday ordered status quo to be maintained as on September 6, before the appellate tribunal NCLAT passes an order in the case related to the insolvency resolution process of Tamil Nadu-based Coastal Energen Private Limited (CEPL). The

Chennai branch of the National Company Law Appellate Tribunal (NCLAT) on September 6 effectively stayed the Rs 3,335-crore resolution plan of a consortium of companies - Dickey Alternative Investment Trust and Adani Power Limited - for revival of crisis-hit CEPL.

NCLAT had ordered that status quo be maintained as of today in the insolvency resolution process of the ailing CEPL.