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Nifty and Sensex hit record highs in trade today after the US Fed signaled that its interest rate-hiking policy is at an end and it will cut rates in 2024. Amid the rally, brokerages have come out with a bearish view (sell/reduce calls) on three stocks.
The Nifty Bank snapped a two-day losing streak to close with gains of over 1% supported by gains in top private sector banks. The index rose 640 points to close at 47,732 while the Nifty50 closed at 21,182, up 256 points on Thursday.
A stellar rally in domestic equities fuelled by foreign fund inflows also boosted the rupee sentiment.
US Fed officials expect to lower rates by 75 basis points next year, a sharper pace of cuts than indicated in Septembers projections. The Fed cutting rates draws positive reaction from India due to an overall positive impact.
IT companies were the top gainers, led by Infosys, Tech Mahindra and LTI Mindtree, all of which ended the session with gains of over 3.5% each