Indian stocks experienced a significant increase on Wednesday as investors anticipated the forthcoming decisions from the Federal Reserve on interest rates, and the interim budget announcement. The proposed fiscal deficit and tax schemes to be revealed in the budget are expected to directly impact the market.
Most anticipate that the U.S. Federal Reserve will maintain the current interest rates throughout the day. However, any information revealed in the accompanying statement, or during Jerome Powell's press briefing, could offer key details about when potential future rate cuts may occur.
The prevailing notion of an interest rate cut taking place in March has become less likely, with numerous economists now suggesting that the Federal Reserve may hold off until May to implement such changes.
The S&P BSE Sensex, a benchmark index, leapt up by 612.21 points, equalling a 0.86 percent increase to reach 71,752.11. The NSE Nifty index, on the other hand, experienced a burst of 203.60 points, or a 0.95 percent increase, to rest at 21,725.70.
Dr Reddy's Laboratories was the leading performer, enjoying a growth of 4.8 percent. The rise came after the pharmaceutical giant reported an upbeat performance for the previous fiscal quarter, largely attributed to increased sales of the generic cancer drug, Revlimid.
Divis Laboratories, Tata Motors, Sun Pharma and Eicher Motors also boosted their record by 3-4 percent. Conversely, Larsen & Toubro experienced a 4.2 percent slump due to the Q3 earnings results falling short of estimates.
