Share Market Highlights September 12, 2024: Sensex crosses 83,000, Nifty logs 55th record high of 2024 on global cue

Sensex, Nifty updates on September 12, 2024: Indian shares hit record highs on Thursday as commodity stocks surged on expectations of an interest rate cut in China to boost consumption. The Nifty 50 and the S&P BSE Sensex both rose about 2%, achieving lifetime highs during the session. The Nifty closed 1.89% higher at 25,388.9, and the Sensex ended up 1.77% at 82,962.71, marking their best performance since early June. The indexes have gained 17% each this year, driven by a robust macroeconomic outlook, policy continuity, and liquidity surplus. All 13 major sectors posted gains, led by metals, energy, and auto stocks. Markets were boosted by expectations of mortgage rate cuts in China starting in September and potential rate reductions by major economies like the U.S. and EU. Additionally, foreign investor buying after European markets opened contributed to the late-session surge.