Photo Credit : ANI
Indian equity markets achieved record highs on July 2, driven by strong performances in the IT sector amid expectations of a US Federal Reserve interest rate cut in September. The NSE Nifty 50 climbed 0.21% to 24,186.5 points, while the BSE Sensex rose 0.22% to 79,653.21 points by 9:21 a.m. IST.
IT stocks, continuing their upward trend with a 0.7% gain today after a 2% rise in the previous session, contributed significantly to the market’s gains. All 13 major sectors saw increases, with small- and mid-cap sectors also recording gains of 0.4% and 0.2%, respectively.
The rupee started the day weaker at 83.56 against the US dollar, dropping by 12 paise in early trade on Tuesday. This depreciation was attributed to the strengthening of the US dollar in global markets and higher crude oil prices. Forex traders noted that oil importers and foreign portfolio investors (FPIs) bought US dollars amidst rising US yields, exerting downward pressure on the local currency.
