Indian shares hit record highs, day after Sensex breached 80,000-mark

New Delhi, July 03, 2024.

IT stocks led Indian shares to open higher on Thursday, in line with Asian peers, after softer US data boosted hopes for a rate cut in September.

The NSE Nifty 50 was up 0.27% at 24,354.1 points, while the S&P BSE Sensex added 0.29% to 80,214.56 points, hitting record highs, as of 9:26 a.m. IST.

Asian shares rose on renewed bets that the Federal Reserve may start cutting rates in September following soft labour data in the world’s largest economy.

Nine of the 13 major sectors in India logged gains. US rate-sensitive IT stocks rose 1%.

Non-bank lender L&T Finance rose about 3% after strong loan growth and disbursal numbers in the June quarter.