Financials propel benchmarks in India to all-time highs.

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Thursday marked new all-time highs for India’s benchmark indexes as robust domestic data bolstered heavyweight financial equities amidst a global rally. Financials propel benchmarks in India to all-time highs.

In contrast, the S&P BSE Sensex advanced 0.52% to 72,410.38 points, whereas the Nifty 50 index climbed 0.57% to 21,778.70 points.

In December, the 50-member Nifty index achieved a record high in 13 out of 19 sessions. So far, it has gained more than 8%, putting it on course for its best month since July 2022.

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The financial sub-indexes of the nation, including banks, private banks, public sector banks, and top-weighted financials, increased by 0.3% to 1% on Wednesday, following information from the Reserve Bank of India (RBI) that the gross non-performing asset (GNPA) ratio of Indian banks continued to improve in the second quarter of the current fiscal year.

“The Indian market has interpreted the Reserve Bank of India’s report favorably, indicating that the financial sector’s overall position remains stable.” The director of fundamental research for investment services at Anand Rathi Shares and Stock Brokers, Narendra Solanki, stated as much.

Reliance Industries and HDFC Bank each increased by 0.7% and 0.1%, respectively.

The Nifty PSE index gained 2.4%, the highest percentage of the day, as most state-owned oil marketing companies rose with stable global oil prices.

Among individual securities, Sula Vineyards increased 4.7% after the company’s peak visitor count during the Christmas weekend.

In agreement with the Gujarat state government to invest a maximum of 145 billion rupees ($1.74 billion), Housing and Urban Development Corp. Ltd. extended its gains on Wednesday, closing the day 12.3% higher.

In addition, investor sentiment worldwide remains optimistic due to the Federal Reserve of the United States maintaining confidence in its rate reduction.