Stock market today: Sensex, Nifty 50 open at record high; midcap, smallcap indices follow

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Also Read: Top Stock Recommendations: Osho Krishan suggests buying these two stocks todayHDFC Life Insurance, LTI Mindtree, Divi’s Laboratories, Shriram Finance and Wipro were the top gainers on the Nifty 50 constituents, while Tata Consumer Products, Britannia Industries, Hindustan Unilever, Cipla and Eicher Motors were the top losers.Positive global cues and favourable domestic economic data led the rally in the Indian stock market. The domestic equities followed an upmove in Asian markets and US stock market after softer than expected US inflation data and the US Federal Reserve policy decision.Read here: US Fed holds key rates elevated at 23-year high, expects single 0.25% reduction in 2024; 5 key takeaways from Fed PolicyThe US consumer price index (CPI) came in at 3.3% in May, down 0.1 percentage point from April’s 3.4%.Meanwhile, the US Federal Reserve kept its benchmark interest rate unchanged for the seventh straight meeting on Wednesday and said that “modest" progress had been made toward its long-term inflation target of 2%.

The Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) officials signaled that they expect to cut their benchmark interest rate just once this year.On the domestic front, India’s retail inflation based on the consumer price index (CPI) fell to 4.75% in May from 4.83% in April, touching the lowest in a year.India’s factory output rose 5% in April from 4.9% in March and 5.6% in February.Read here: Retail inflation eases, factory output ticks higher in May, boosting Indian economy“There is good news on the inflation front, both in the US and in India. In US May CPI inflation has declined slightly less-than-expected to 3.3% with MoM inflation remaining flat.