Buoyed by banking and FMCG stocks, Indian benchmark indices surged to record highs on Wednesday for the second straight session.
The Sensex gained 572.32 points, or 0.72 percent, to touch 80,013.77, crossing the 80,000 mark in intraday trade for the first time ever. The Nifty added 168 points, or 0.7 percent, to reach a fresh high of 24,291.75.
On the NSE, the biggest gainers were HDFC Bank, Britannia, HDFC Life, Tata Consumer, and Kotak Bank. TCS, Sun Pharma, Ultra Cement, and Tech Mahindra were among the top losers.
“Higher global markets are setting up a positive sentiment for Indian markets today. Fed Chairperson Powell’s comments boosted US markets with a rate cut in September and December being factored in, even though Powell did not allude to any imminent rate cut. US Treasury yields dropped as well. Positive Asian markets this morning are continuing the advance led by the US markets in Tuesday trading,” said market and banking expert Ajay Bagga.
Vijayakumar, Chief Investment Strategist at Geojit Financial Services, suggested that the RBI is likely to cut interest rates in the next policy meeting.
“The Fed’s next rate action is likely to be a rate cut. RBI is likely to follow suit with a rate cut in the next policy meeting,” said Vijayakumar.
(With ANI input)