-The Indian markets closed at a new all-time high on Thursday.
-The indices were led by banking and tech stocks after the US Fed announced the end of its rate cut cycle and seemed dovish on the rate outlook
-Sensex rose 929 points and closed above the 70,500 mark while Nifty was up 256 points and closed above the 21,100 mark.
-The market cap of all listed companies on the BSE increased by 3.93 lakh crore in one day
Gainers and losers
From the Sensex stocks, Infosys, Tech Mahindra, Wipro, HCL Tech, IndusInd Bank, and Bajaj Finance were the top gainers, rising 3-4%. On the flip side, Power Grid, Nestle, JSW Steel, Maruti, and Asian Paints closed in the red.
A rise in IT stocks was observed after the Fed said that it could ease inflation while maintaining a rate pause
Fed Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, which hinted at a rate cut in early 2024.
Global markets
MSCI’s broadest index of Asia-Pacific shares outside Japan shot up 1.8%, its biggest one-day percentage jump in a month although China had stumbled again and a stronger yen pushed Tokyo down 0.7%. The US Dollar Index Declined 0.3%, meaning more inflows toward Indian markets.
Oil and Rupee
Oil prices rose due to a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar after the Fed signalled lower borrowing costs for 2024.
Brent futures were up 1.95%, to $75.72 a barrel. US West Texas Intermediate (WTI) crude climbed 1.84%, to $70.75. The rupee closed stronger at 83.33 against the US dollar.
