Indian stock markets surged on Thursday, buoyed by positive global cues as US markets hit record highs overnight, and most Asian markets rallied. Investors showed optimism as they digested the generous rate cuts announced by the U.S. central bank, driving a positive sentiment across global indices. 

At 10.20 am, the 50-share NSE Nifty was trading at 2568.50 up 152.70 points or 0.6% after opening at 25525.95, while the 30-share BSE Sensex was trading at 83629.04 adding 444 points or 0.54% after opening at 83603.04 points.

Early movers in the Nifty included JSW Steel, which jumped 3.22%, followed byCOAL India with a 2.47% increase, andHDFC Life gained around 1.50%. Hindalco and TATA Steel gained over 1.50 % while Axis Bank lost 0.76%,and Titan and Tata Motors shed 0.55% and 0,39% each on Nifty.

Mid-cap indexes continued to be under pressure with sectorial index trading flat while all other broad market indices were on green.

Market breadth was positive, with 1619 shares advancing out of 2,298 shares traded, while 736 shares declined and 43 remained unchanged.

Asian markets traded higher tracking the overnight rally in the U.S markets with Japan's Nikkei surging 1.94% to 37,873.78, while Hong Kong's Hang Seng Index rallied by 261.98 points, or 1.45%, to 18,275.14 and South Korea's Kospi rose 1%.

US stock market rallied overnight, with the Dow Jones and S&P 500 touching record highs in intraday trade. The Dow Jones Industrial Average rose by 1.26% to close at 42,025.19, crossing the 42,000 level for the first time, while the S&P 500 surged 1.7% to end at a record high of 5,713.64. The Nasdaq Composite ended 2.51% higher at 18,013.98.

The U.S. Initial Jobless Claims report showed that initial claims for state unemployment benefits dropped by 12,000 last week to 219,000 for the week ended September 14, against the forecast by analysts polled by Reuters, who expected claims to reach 230,000 for the period.

As the much-anticipated Fed rate cuts are now behind us, the markets globally are looking forward to policy adjustments and rate cuts from various central banks, including the Reserve Bank of India and the Bank of Japan.