BENGALURU: India’s benchmark indexes hit all-time highs on Thursday, joining a global rally after the US Federal Reserve bolstered expectations of an interest rate cut in March 2024.
The NSE Nifty 50 index rose 1.23% to 21,182.70, while the S&P BSE Sensex advanced 1.34% to 70,514.20. The 50-member Nifty index has now hit a record high in eight of the 10 sessions so far this month. Its 5.21% gain over this period is almost equal to the 5.52% increase over the whole of last month, which was its best since July 2022.
The Fed, late on Wednesday, acknowledged “real progress” in easing inflation, while holding rates. Chair Jerome Powell said the Fed is aware of the risks of lowering rates too late, bolstering expectations of a rate cut in March 2024. That was the latest in a confluence of optimistic indicators that has boosted the domestic market.
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