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India’s benchmark indices, the Sensex and Nifty, continued their record-breaking trend on Tuesday, marking a second consecutive session of significant gains.
The financial hub, Mumbai, witnessed the benchmark indexes reaching new highs, propelled by robust macroeconomic data, expectations of a potential US rate cut in March, and the BJP’s triumph in key state elections.
As of 9:51 a.m. IST on Tuesday, the NSE Nifty 50 index recorded a 0.52% rise, reaching 20,794.50 points. Simultaneously, the S&P BSE Sensex exhibited a 0.50% increase, reaching 69,204.10 points.
Just a day after setting the previous record, both the Sensex and NSE Nifty achieved fresh all-time highs. This surge was a direct outcome of the BJP’s success in pivotal states, namely Madhya Pradesh, Rajasthan, and Chhattisgarh.
The banking sector experienced a positive trend, with a 0.7% gain, while public sector banks saw an even more substantial increase of 1.3%. Several brokerage firms identified financials and large-caps as their preferred sectors, foreseeing a potential rally in domestic equities in the lead-up to the 2024 Lok Sabha elections.
This continued bullish trend reflects the confidence and optimism in the Indian financial markets, driven by both domestic political developments and global economic factors. Investors are closely monitoring these indicators as they navigate the evolving landscape of opportunities and challenges.
