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 Nifty and Sensex have gained 18.

Sensex and Nifty indices reached all-time highs following the US Federal Reserve's first policy rate cut in over four years. Although both indices peaked during the day, they closed with minor gains.

The 30-share BSE Sensex surged 439.75 points to 83,624.55 in early trade, while the NSE Nifty rose 132.05 points to 25,547.85. Among the top gainers from the 30 Sensex firms were JSW Steel, Tata Steel,

Twelve of the 13 major sectors logged gains, with metals leading sectoral gainers with a 1.75% climb and all 15 of its constituents were in the green

Indian markets, Sensex and Nifty, surged in early trade following a global rally after the US Federal Reserve cut interest rates. JSW Steel, Tata Steel, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finserv and Maruti were top gainers.

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.

BSE Sensex and NSE Nifty50 – opened on Thursday at record highs, with both indices up 1% from the previous session's closing, following the Federal Reserve's decision to lower interest rates by 50 basis points (bps).