Benchmark Sensex closed above the historic 84,000-mark for first time while Nifty settled at a new record high on Friday, powered by a rally in frontline bank stocks along with upbeat trends in the US

India's NSE Nifty 50 and S&P BSE Sensex are trailing only Wall Street's Nasdaq and S&P 500 as top-performing indexes this year, with analysts expecting the rally to extend into 2025.

The two key equity benchmark indices, Sensex and Nifty, on Friday are trading in the green, led by overnight gains in the US stock markets, amid positive cues from Asian markets. At 10.05 am, the BSE Sensex rose 520 points to 83,

Domestic stock market benchmarks, Sensex and Nifty, hit fresh record highs on Friday amid positive investor sentiments following a 50 basis points cut by the US Federal Reserve. In the last two days, the Sensex has gained nearly 1600 points and Nifty has added 413 points.

Sensex and Nifty reached new peak levels driven by blue-chip stocks like HDFC Bank and ICICI Bank. The BSE Sensex surged 230.66 points, while the NSE Nifty advanced 60.05 points. Biggest gainers included Bajaj Finance and Mahindra & Mahindra,

The BSE benchmark Sensex breached the historic 84,000-mark for first time ever on Friday morning and the Nifty also hit its new record high level, tracking a rally in global markets, after the US Federal Reserve cut its benchmark interest rate after more than four years.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,530 level, a premium of nearly 40 points from the Nifty futures’ previous close.

All the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal and realty rising 1-3 percent.

Technical chart suggests that ACC, IRCTC, PND and Aarti Industries could slide up to 28% from present levels owing to formation of 'Death Cross' on the daily chart; a long-term bearish indicator.

The US data released overnight indicates that the US labour market is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario.