Indian Stock Market Hits Record Highs as US Inflation Eases, IT Stocks Soar

Today, the Indian stock market experienced a record-setting rally, driven by supportive global market conditions and a decrease in US inflation. Investors were encouraged by the prospect of a pause in US interest rate hikes, which led to a surge in information technology (IT) stocks and a general market rally. Notably, the Sensex breached 66,000 and the Nifty breached 19,500, both of which could be indicative of a potential three consecutive weeks of gains. The market rally was largely driven by IT stocks, which have benefitted from a surge in digitization and increased demand for technology services. Additionally, mid-cap and small-cap stocks contributed to the overall market rally.