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Nifty hits fresh high ahead of US CPI, Fed policy outcome; IT stocks lead gains

Money Control · 9m

The Nifty Midcap 100 reached a new record high of 54,094.40, while the Nifty 50 climbed over 150 points to set a fresh lifetime high of 23,441.95. IT and oil & gas stocks led the gains, while FMCG and consumer durables saw declines. The rise in the indices preceded the US CPI data and the Fed policy outcome. Midcap and smallcap stocks are presenting a buy-on-dips opportunity with positive earnings outlook, according to Nirav Karkera, Head of Research at Fisdom. 11 out of the major 13 sectoral indices were in green while Nifty FMCG and Nifty Realty fell slightly.