HDFC Bank and other heavyweight stocks helped benchmark stock market indices reach record highs on Wednesday. The S&P BSE Sensex reached 80,000 for the first time, and the NSE Nifty50 reached 24,292.15. The Sensex rose 498.51 points to 79,939.96 and the Nifty 134.80 points to 24,258.65 at 9:22 am. All 13 key sectors rose. HDFC Bank rose 1.3%-1.5%, lifting banks, financials, and private banks. Geojit Financial Services Chief Investment Strategist Dr. V K Vijayakumar said, "HDFC Bank will continue its upward trend today due to the possibility of an MSCI Index weightage increase. Delivery-based purchasing in the stock in recent days could continue for a few more days, pushing it up and giving it stability." The weightage of HDFC Bank in Nifty will increase delivery-based buying by ETFs and active funds. Other Nifty heavyweights like RIL, TCS, Infosys, and ICICI Bank may suffer "Noted.
"The latest Fedspeak on US inflation boosts global equity markets. Fed chief Powell said yesterday that the US is in a disinflationary path after inflation rose 2.6% with no monthly increase. Rate cuts are likely next for the Fed. RBI may decrease rates at its next policy meeting "Vijayakumar noted.