Why Sensex surged over 2500 points in six straight sessions — explained with 5 reasons

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Stock market today: After ushering in December 2023, Indian stock market has been in continuous bull trend and key bechmark indices — Nifty 50, BSE Sensex and Bank Nifty have been continuously scaling new highs. In fact, Nifty 50 and Sensex today climed to a new peak touching 21,000 and 70,000 levels respectively. BSE Sensex has risen from 67,481 to 70,057 levels in last six straight sessions, logging over 2,500 points rally in this time.

According to stock market experts, Sensex today hit a new life-time high of 70,057 as market is expecting rate cut in upcoming US Fed meeting that has turned foreign institutional investors highly bullish on Indian markets. They said that FIIs believe that US Fed rate cut may put US dollar under the sell off heat in near term. On stock market news that is fueling Sensex today, experts listed out these five reasons — US Fed rate cut buzz, Indian government using rupee for oil imports, hawkish FII, strong US economic data and political stability.

1] US Fed rate cut buzz: Speaking on the market buzz in regard to upcoming US Fed meeting, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Indian stock market is scaling new highs on US Fed rate cut buzz. After recent US Fed minutes, it is for sure that high interest rate regime has peaked out and now there will be no rate hike in near term. Overall, we can say that market is presuming rate pause with dovish stance in upcoming US Fed meeting." Also Read: IRCTC share price rebounds after retracing from 52-week high.