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Indian equities experienced a robust surge on Tuesday, propelled by a resurgence in the financial sector following a brief two-day pause, while the information technology (IT) segment continued its upward trajectory amid a global market rally driven by sentiments that U.S. interest rates might have reached their peak.
The NSE Nifty 50 index climbed 0.37% to reach 19,766.50 points, while the S&P BSE Sensex marked a 0.36% increase at 65,887.94.
Notably, twelve out of thirteen major sectors showcased positive movements. Financial stocks, which carry substantial weight, rebounded by 0.5%, breaking a two-day dip post the Reserve Bank of India's tightening of norms for consumer credit.
The IT sector, known for its significant revenue reliance on the U.S., sustained its climb on speculations that the U.S. Federal Reserve might not further increase interest rates during this economic cycle.
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Following softer U.S. inflation data revealed on November 14, the IT index surged by 6.33%.
In tandem with the Indian market's gains, Asian markets also observed an upward trend, tracking an overnight rally in Wall Street, pushing to multi-month highs. The MSCI Asia ex-Japan index surged by 1.12%.
"Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, highlighted the imminent focus on the Fed's policy minutes, scheduled for release post-market hours, for insights into the central bank's stance on interest rates," stated.
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Furthermore, both small-cap and mid-cap indices soared by approximately 0.4%, setting new record peaks. The metals sector exhibited a strong uptick of 1.5%, while the realty index also saw a 1% increase. In individual stock movements, Oberoi Realty (OEBO.NS) climbed 2% after announcing the launch of a high-end residential project in Thane, Maharashtra.
Sunteck Realty (SUNT.NS) experienced a 2% surge, with Motilal Oswal estimating a 25% compound annual growth rate (CAGR) in earnings from fiscal 2023 to fiscal 2026 due to the imminent launch of 2-3 projects.
Additionally, railway wagon manufacturer Titagarh Rail Systems (TITG.NS) spiked by 9.5% to reach a record high after sealing a partnership deal with ABB India (ABB.NS) for metro projects in India. ABB, renowned for manufacturing factory robots and automation systems, marked a 1.7% rise.
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