FX.co ★ Sensex Advances for 3rd Day

India's BSE Sensex experienced a notable uptick, closing approximately 0.4% higher at 83,014 on Thursday. This marks a peak level not witnessed since July 10 and represents gains for a third consecutive session. The rally was primarily driven by robust performance in the IT and pharmaceutical sectors. The momentum was bolstered by the Federal Reserve's recommencement of policy easing, accompanied by indications of further cuts, coupled with positive sentiment surrounding ongoing US-India trade negotiations. The pharmaceutical sector enjoyed an additional lift due to favorable regulatory decisions from the US drug regulator pertaining to Indian companies, specifically Biocon and Natco Pharma. On the trade front, V. Anantha Nageswaran, the Chief Economic Adviser, suggested that the US might retract its 25% punitive tariff on Indian goods and reduce reciprocal duties to a range of 10–15% by November 30, potentially benefiting nearly $50 billion in exports. Among the equities, standout performers included Eternal, Sun Pharma, Infosys, HDFC Bank, and Power Grid, which appreciated up to 2.9%. Conversely, Bajaj Finance, Trent, Tata Motors, UltraTech Cement, and Asian Paints experienced declines of up to 1%.