BENGALURU: India’s benchmark indexes advanced to fresh record highs for the third consecutive session on Wednesday, led by energy stocks on moderating oil prices and information technology (IT) shares on growing bets of an interest rate cut in the US.
The NSE Nifty 50 index rose 0.40% to 20,937.70, while the S&P BSE Sensex settled 0.52% higher at 69,653.73, a record close for both the blue-chip indexes.
Both the indexes settled in the overbought zone, with the Nifty’s relative strength index hitting its highest since Sept. 16, 2021. The energy index climbed 1.55% to a new record, aided by a drop in crude oil prices to a five-month low amid doubts over OPEC+ supply cuts and China’s demand recovery.
IT companies, which earn a significant share of their revenue from the US, gained 1.67% on the day, tracking a rise in Asian technology peers, after softer-than-expected labour market data raised rate cut expectations in the United States.
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