Sensex gains 1,500 points on US rate cut optimism; Granules India tanks 17%

Benchmark stock market indices ended the trading session on a strong note as positive US inflation data raised hopes of a rate cut by the Federal Reserve next week.
The S&P BSE Sensex was up 1,439.55 points to 82,962.71 at the closing bell, while the NSE Nifty50 gained nearly 470.45 points to settle at 25,388.90.
Most of the broader market indices also ended the day on a positive note as volatility dipped.
Auto, banking, financial services and IT stocks rose sharply, providing a major boost to the benchmark indices.
The top five gainers on the Nifty50 were Hindalco, Bharti Airtel, Shriram Finance, NTPC and Eicher Motors. The top losers were Nestle India, Asian Paints, SBI Life, TCS and Sun Pharma.
Meanwhile, shares of Zomato rose sharply to hit a fresh all-time high today, following positive brokerage views.
On the other hand, Granules India shares plummeted 17% following a recent USFDA inspection of its Gagillapur FD facility, which resulted in six critical observations.
Aditya Gaggar Director of Progressive Shares, said, “Due to a lack of fresh triggers, the Index oscillated in a thin range till the afternoon session but the second half of the trading session was dominated by Bulls as a sharp rally was seen across the board which helped the Index to register a new high of 25,433.35.”
“With gains of 470.45 points, Nifty50 ended the weekly expiry day at 25,388.90. All the sectors advanced with Metal and Auto being the top performers. Mid and Smallcaps also soared higher but underperformed the Frontline Index,” he added.
“On the daily chart, Index has made a strong bullish candle which defines the tight grip of bulls and now the next hurdle is placed at 25,670 while on the downside, 25,250 will be considered as support.”