Indian Markets Hit Record Highs Following Dovish US Fed Outlook

14 Dec 2023 , 01:33 PM

The Indian stock market experienced a robust rally, reaching new record highs as global markets responded positively to the dovish stance of the US Federal Reserve. Both the BSE Sensex and NSE Nifty surged over 1% each, with notable gains observed in the banking and IT sectors.

Key Market Highlights:

• At 13:23 hrs IST, the BSE Sensex rose by 897.70 points or 1.29% to 70482.30, while the NSE Nifty climbed 252 points or 1.20% to 21178.30.
• Tech Mahindra, LTIMindtree, HCL Tech, Bajaj Finance, and Infosys emerged as the top gainers on the Nifty.
• Power Grid Corp, HDFC Life, Nestle, TATA Cons. Prod, and Cipla experienced marginal declines and were among the top losers.
• The positive momentum in Indian stocks mirrored the broader Asian market trend, driven by the US Federal Reserve's dovish outlook, signaling the conclusion of its tightening cycle for the year ahead.
• Mainland Chinese bluechips edged up by 0.3%, and Hong Kong's benchmark advanced 1.1%. However, Japan's Nikkei faced a 0.9% decline due to the yen's sharp rally.

Foreign and Domestic Investments:

• Foreign institutional investors (FIIs) displayed strong buying activity, acquiring Indian shares worth Rs 4,710.8 crore on a net basis on Wednesday.
• Domestic institutional investors (DIIs) offloaded shares worth Rs 958 crore during the same period, as per provisional data from the National Stock Exchange.