Indian stocks reached record highs today (July 2), boosted by gains in IT companies and hopes for a US Federal Reserve interest rate cut in September. The NSE Nifty 50 increased by 0.21% to 24,186.5 points, while the BSE Sensex climbed 0.22% to 79,653.21 points at 9:21 a.m. IST.
IT stocks, which had risen by 2% in the previous session, added another 0.7% today. All 13 major sectors saw gains, with smaller and mid-sized companies also seeing increases of 0.4% and 0.2%, respectively.
Meanwhile, the rupee weakened by 12 paise to 83.56 against the US dollar in early trading. This was due to a stronger US dollar in global markets and higher crude oil prices.
Forex traders explained that oil importers and foreign investors were buying US dollars because of rising US yields, which contributed to the rupee’s decline.
In the interbank foreign exchange market, the rupee started at 83.51 and then fell further to 83.56 against the dollar, a drop of 12 paise from the previous day’s close.