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(RTTNews) – Indian shares rose notably on Wednesday to extend gains for a seventh straight session and reach fresh record highs on the back of firm global cues.
Cues from Asia and Europe were positive despite weak data from China and worries about the worsening COVID-19 situation in the country.
The rupee traded higher in the afternoon as the dollar weakened in international markets ahead of U.S. Federal Reserve Chair Jerome Powell’s speech later in the day.
Powell will speak at the Brookings Institution at 1:30 pm ET. He is widely expected to reinforce expectations for a slower pace of rate hikes from December amid signs that U.S. inflation is peaking.
Closer home, analysts said the Reserve Bank of India (RBI) could slow its pace of rate hikes at its December policy meet against the backdrop of moderating inflation, easing commodity prices and a cool down in crude oil prices.
The benchmark S&P BSE Sensex scaled a new peak at 63,303.01 before settling at 63,099.65, up 417.81 points, or 0.67 percent, from its previous close.
Similarly, the broader NSE Nifty index hit a record high of 18,816.05 before ending at 18,758.35, up 140.30 points, or 0.75 percent, from its previous close.
Among the top gainers, UltraTech Cement, SBI Life, Grasim, Hindalco and Mahindra & Mahindra surged 2-4 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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