Sensex surges 930 points as US Federal Reserve signals rate cuts

US Federal Reserve chief Jerome Powell indicated that it could soon start cutting interest rates in 2024, leading to a rally in global stock markets. In India, the sensex and Nifty closed at new highs due to the Fed's dovish narrative and other factors such as the fall in US 10-year bond yield, positive GDP growth rate revision by RBI, and robust earnings growth expectations. The rally was driven by foreign funds, with Infosys, ICICI Bank, and HDFC Bank contributing the most to the gains. The market capitalization of BSE also increased significantly.

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