Nifty 50 reclaims 20000 mark

Indian shares witnessed a notable surge on Wednesday, with information technology (IT) stocks taking the lead, following a dovish stance expressed by a U.S. Federal Reserve official. The optimistic sentiment fueled expectations of potential rate cuts as early as March 2024.

The NSE Nifty 50 index displayed a robust performance, climbing 0.60% to reach 20,008.45 points, marking a significant milestone by surpassing the 20,000 mark for the first time since September 20, 2023. Simultaneously, the S&P BSE Sensex showed a gain of 0.59%, reaching 66,560.50 as of 10:10 a.m. IST.

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IT companies, which hold a substantial revenue share from the U.S., experienced a notable uptick of 1.5%. This surge came in response to comments by Fed Governor Christopher Waller, who hinted at the potential lowering of interest rates in the coming months if inflation continued its downward trajectory.