India’s benchmark stock indices hit new record highs on Thursday, buoyed by a global market rally that extended to regional markets. The S&P BSE Sensex surged 1,000 points and Nifty 50 climbed above 21,200 intraday. The Sensex ended at 70,514.20, up 929.60 points, while the Nifty closed at 21,182.70, up 256.35 points. This surge followed the U.S. Federal Reserve’s indication of nearing an end to its monetary tightening cycle, which also raised expectations for a rate cut in March 2024.

The Nifty 50 index climbed above 21,200, and the S&P BSE Sensex surged 1,000 points. All major sectors recorded gains with IT and realty leading the pack. The information technology sector saw a significant jump of 3%. Leading the Nifty 50 gainers were IT companies like HCLTech, Tech Mahindra, LTIMindtree, Infosys, and Wipro.

While the Fed maintained current rates, its “dot plot” revealed expectations of a 75 basis point decrease in rates by 2024. This projection of rate cuts is more aggressive than previously suggested in September.

Meanwhile, India’s Wholesale Price Index-based Inflation rose to 0.26% in November from -0.52% in October. The Indian rupee rose by 7 paise to close at 83.33 (provisional) against the US dollar.

India’s benchmark stock indices hit new record highs on Thursday, tracking global markets and a rally in IT, bank and realty stocks. The S&P BSE Sensex surged 1,000 points and Nifty 50 climbed above 21,200 intraday. The Sensex ended at 70,514.20, up 929.60 points, while the Nifty closed at 21,182.70, up 256.35 points. Midcap and small-cap indices also surged in line with the benchmarks. Infosys, Tech Mahindra and Wipro were the chart toppers while Power Grid and Nestle lagged.