Key Points
MUMBAI : Indian equities rallied on Wednesday tracking gains in global stocks, as lower-than-expected US inflation raised optimism about the end of the rate hike cycle..
The National Stock Exchanges Nifty 50 gained 1.19% to close at 19,675.45, while the BSEs 30-stock Sensex rose 1.14% to close at 65,675.93..
The dollar index, which measures the US greenback against a basket of currencies, fell to a two-month low on Tuesday while US treasury yields shed 19 basis points (bps), their biggest one-day drop since March, driving up appetite for risk assets such as equities..
They are also sitting on a huge short position in the Nifty and the Bank Nifty index futuresat 147,443 contracts as of 13 November compared to 62,030 contracts long on 15 September when the market hit a record high of 20,222.45which reflects their bearish bets..
The Niftys gains were led by tech stocks such as LTI Mindtree and Tech Mahindra, which gained 2.7-3.75%, and auto scrips like Tata Motors and Eicher Motors which gained 2.8%-5.6%. ..
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