INSUBCONTINENT EXCLUSIVE:
BSE Sensex on Wednesday saw a second consecutive day of rally and closed at 66,901.91 points for the day, up 727 points in trade
The Nifty 50 also rallied smartly and closed at 20,096.60, up 206.90 points
Both the Dalal street indices saw a 1% rally
Notably, Nifty 50 crossed the crucial 20,000 mark again, which is the first time since September 18.The stock market rally was the most
significant surge in the last two weeks and it was primarily led by technology and financial stocks.The market sentiment was also propelled
by comments from aUS Federal Reserve official hinting at potential rate cuts as early as March
Both indices now stand less than 1% away from their all-time highs recorded on September 15.Yet another milestone was hit as the Indian
equity market capitalisation surpassed the esteemed mark of $4 trillion, with a total market capitalization of all BSE-listed stocks surging
This marks an all-time high for Indian markets
In the global market landscape, India's stock market ranks fifth in market value, trailing behind the US, China, Japan, and Hong Kong.IT
firms, significantly reliant on US revenue, saw a 1.53% uptick following remarks by Fed Governor Christopher Waller suggesting a potential
interest rate reduction in the coming months, contingent on declining inflation.Indexes linked to financial sectors, including banks,
financial services, and private banks, each rose approximately 1.5%
Axis Bank and HDFC Bank led the charge with increases of 3.82% and 2%, respectively, ranking among the top gainers in the Nifty 50.Hero
MotoCorp's 3.45% surge spurred a 1.63% climb in the auto index, attributed to an upswing in monthly two-wheeler sales driven by rural
demand recovery.Aishvarya Dadheech, the founder of Fident Asset Management, told Reuters that the surge in the Nifty 50 is due to
diminishing US Treasury yields, resulting in renewed foreign investment in Indian stocks.According to Narendra Solanki, Head - Fundamental
Research, Anand Rathi Shares and Stock Brokers, the markets are in a healthy position with broader markets participating as well
have seen FIIs coming back strongly in past weeks and have now turned positive for the month
outlook, he does not see any immediate short term risks to the markets
