Indian equities reach new heights as the US Federal Reserve signals the end of its tightening cycle, Sensex hits a record 70,540
Indian benchmark equity indices surged to fresh all-time highs on Thursday, buoyed by the US Federal Reserve's announcement. Led by Chair Jerome Powell, the Federal Open Market Committee signaled the conclusion of its tightening cycle that instilled positive market sentiment and influenced the upward trajectory of Indian equities. The Federal Reserve maintained a pause in its interest rates for the third consecutive time.
The stock markets have experienced a persistent upward trend, with both the Sensex and Nifty attaining record highs. Despite a minor instance of profit booking afterward, a substantial upturn was evident in Thursday's morning trading session. Nifty demonstrated a noteworthy increase of 230 points, surpassing a one percent rise. The 30-company benchmark, the Sensex, achieved a new level mark at 70,540.
Bajaj Finance, Tech Mahindra, HCL Tech, Infosys, and Wipro emerged as the leading gainers, while Power Grid Corporation of India Ltd, Nestle India, Maruti, Titan, and Hindustani Unilever registered as the top losers.
Following its two-day meeting, the Federal Reserve, upon releasing the FOMC statement, announced its projection of three rate cuts in the coming year. The benchmark borrowing rate of the US Fed remains unaltered, maintaining a range between 5.25 per cent and 5.50 per cent.
As of 12:20 pm, the Nifty50 experienced a gain of 226 points, marking a 1.08 per cent increase. Sensex was also in positive territory, recording a rise of 805 points or 1.16 per cent.