BSE) achieved a historic milestone, surpassing a record of $4 trillion for the first time in today's trade. Indian stocks began today's session on a positive note following dovish statements from U.S. Fed Official Christopher Waller.
He stated that the central bank is done raising interest rates to tamp down inflation. He said that monetary policy is “currently well positioned" to slow the economy and bring inflation back down. Also Read: Nifty crosses 20,000 for the first time since September; 5 key factors driving the rally In response to Waller's comments, the US 10-year Treasury note extended its bearish trend, dropping 7 basis points to 4.26% in today's session, the lowest since September 13.
Adding to the positive sentiment, S&P Global Ratings released a report titled 'China Slows, India Grows,' predicting that India's GDP growth rate will reach 7% by 2026, outpacing China's projected growth of 4.6%. It expects Asia-Pacific's growth engine to shift from China to South and Southeast Asia. "We project China's GDP growth to slow to 4.6% in 2024 (2023: 5.4%), edge up to 4.8% in 2025, and return to 4.6% in 2026.
We see India reaching 7.0% in 2026; Vietnam, 6.8% (4.9%); Philippines, 6.4% (5.4%); and Indonesia remaining steady at 5%," S&P said. Also Read: Gold price touches new peak as US dollar index hits 3-month low. Buy or wait? Buoyed by these positive developments, both Nifty 50 and Sensex concluded Wednesday's trade with gains of 1.04% and 1.10%, respectively.
Assessing the overall performance in November, the Nifty 50 has surged by 5.33%, marking its most impressive monthly performance since October 2022. With today's stellar rally, the Nifty 50 is just 0.62% away from reaching an all-time high of 20,222. Also Read
. Read more on livemint.com