Sensex, Nifty jump to hit record high as IT stocks rally after Fed Rate cut
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Indian shares soared to a record high on Thursday, driven by a surge in IT stocks after the U.S. Federal Reserve slashed rates by 50 basis points.
The Nifty 50 index gained 0.76% to 25,570.6, while the S&P BSE Sensex rose 0.82% to 83,647.96 by 9:22 a.m. IST.
“The Fed’s bold rate cut boosts market confidence,” said Dhawal Ghanshyam Dhanani, fund manager at SAMCO Mutual Fund.
IT stocks, benefiting from U.S. revenue exposure, led gains, with the Nifty IT index up 1.6%. All 13 sectors advanced, with small- and mid-caps climbing 0.6%.
Asian markets also rose, with the MSCI Asia ex-Japan index up 0.9%.
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