FX.co ★ Indian Stocks Scale Record High

India's BSE Sensex experienced a slight increase, ending at a record high of 85,720.4 on Thursday. This uptick was driven by optimism surrounding potential interest rate cuts in both the United States and India next month, alongside hopes for an imminent trade agreement with the US. Contributing to this positivity are factors such as decreasing inflation, a robust growth forecast, and recent remarks by the Reserve Bank of India Governor, which support expectations for additional interest rate reductions in India. Moreover, the International Monetary Fund's decision to reclassify the rupee’s exchange rate from 'floating' to 'crawl-like'—attributing this to diminished central bank interventions—further suggests improved market stability and predictability. In this buoyant market environment, Bajaj Finance saw a gain of 2.6%, ICICI Bank rose by 1.4%, Hindustan Unilever increased by 1.2%, Bajaj Finserv climbed 1.1%, while both HCL Tech and ITC advanced by 0.8%. Conversely, companies like Eternal, Maruti Suzuki, Ultratech, SBI, and Tata Steel recorded significant declines, with respective decreases of 1.6%, 1.4%, 1.2%, 1.1%, and 0.9%.