FX.co ★ Indian Stocks Snap 3-Day Losing Streak

The BSE Sensex experienced a rise of 580 points, equating to an increase of 0.7%, reaching a level of 85,167 during the Wednesday morning trading session. This upturn put an end to a three-day decline, mirroring advancements in Asian markets and echoing an overnight surge on Wall Street driven by optimism regarding a potential Federal Reserve interest rate cut in the coming month. Similarly, the Nifty 50 index saw a gain of 0.7%, while mid-cap and small-cap stocks grew by 1.0% and 0.8%, respectively. This positive sentiment was also bolstered by the anticipation of strong domestic economic data, with predictions indicating robust GDP growth in the September quarter, despite a slight deceleration compared to the June quarter. A Reuters survey forecasts that India’s GDP is projected to expand by 7.3%, a dip from the previous quarter's 7.8%, sustained by strong rural demand and government spending. All market sectors witnessed upward movement, particularly metals, banking, and technology stocks. Standout performers included JSW Steel, which rose by 3.2%, along with Adani Ports at 2.2%, Tata Motors and Tata Steel both at 1.9%, and Axis Bank climbing by 1.7%.