News on Medial

Market climb to fresh record high post Fed outcome; rupee strong

Money Control · 2m

The Indian market continued its upward momentum and reached fresh record highs during the week ending September 20. This was largely driven by the unexpected 50 basis points interest rate cut by the US Federal Reserve, as well as positive factors such as a fall in jobless claims, inflow of foreign institutional investors (FIIs), and expectations of a similar move by the Reserve Bank of India (RBI). The BSE Sensex and Nifty50 indices both posted gains, with the BSE Mid-cap and Large-cap indices also showing positive movements. The Nifty Realty, Bank, Auto, and FMCG sectors made notable gains, while the IT, Media, and Pharma sectors experienced declines. The Indian rupee strengthened against the US dollar, and FIIs continued to buy equities in the Indian market.