The Indian equity market witnessed a fantastic follow up rally on Wednesday as the BSE Sensex and NSE Nifty registered its biggest two day gain. The Nifty re-conquered the 7350 for the first time since February 8, 2016 while, BSE Sensex continued its post-Budget rally for the second straight day and surged over 2% to get past the 24,000-mark.
Once again the interest rate sensitives like the banking and the auto stocks led the rally on hopes that the Reserve Bank of India is likely to announce reduction of interest rate. Among the other major gainers were IT, capital goods, power, oil & gas and metals stocks. Only the FMCG index ended with losses.
In addition, the Indian rupee further strengthened against the US Dollar. The rupee rose past the Rs68 per dollar mark and was trading around the Rs67.60 against the US$.
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