India’s equity benchmarks edged higher on Friday to close at a record high for the second day in a row after hovering throughout the session, marking the fourth consecutive day of gains driven by expectations that the Federal Reserve would ease the pace of its aggressive tightening as of next month.
The BSE Sensex index rose 20.96 points to close at a new high of 62,293.64, and the broader NSE Nifty index also ended at a new all-time high of 18,512.75, rising by 0.15%, one day after the close of the two lifetime benchmarks. high.
The Sensex index also hit an intraday high of 62,447.73 on Friday, surpassing its previous high of 62,245.43 in October last year.
Both benchmarks also posted gains for the fourth consecutive session on Friday.
The rise in risk sentiment came after Fed officials handed the markets a Thanksgiving gift in the form of the minutes of their last policy meeting.
Still, the Fed minutes warned that a US recession in 2023 is “almost as likely as the benchmark (forecast)).”
For now, however, Asian markets were on track to post their fourth straight weekly gain.
The MSCI Asia ex-Japan index is expected to register its fourth consecutive weekly gain; so far in November it is up 14%, marking its best month since March 2009.
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