India’s benchmark indices surged to unprecedented levels on Friday, buoyed by expectations of an interest rate cut by the U.S. Federal Reserve by March 2024. The Nifty 50 witnessed a 1.29% rise, closing at 21,456.65, while the Sensex gained 1.37%, to end the day at 71,483.75.
Both indices displayed impressive growth, recording a weekly increase of about 2.3%. This marked the seventh consecutive week of gains, representing the longest winning streak since January 2018.
The rally propelled IT and public sector bank shares to new heights, with HCL Tech leading the pack with a remarkable surge of 5.59%.
Among the 30 Sensex stocks, 22 experienced upward movement, highlighting the market’s bullish momentum.
Factors contributing to the rally included a decline in crude oil prices, increased foreign inflows, and robust foreign reserves.
The market has demonstrated remarkable resilience and growth throughout the year. Starting the year at 61,167 on January 2, the Sensex reached an impressive 71,605 on December 15, marking a phenomenal rise of over 17% or 10,438 points.