Nifty IT gains 2.35% on drop in US inflation; Persistent Systems hits record high
The drop in US inflation and yields, along with India's CPI inflation moderation, fueled a robust rally in the Indian market. Shares of Persistent Systems recorded a new all-time high of ₹6,396 apiece in today's trade.
The Indian market surged sharply in today's trading session, propelled by favorable global and domestic indicators. These include the drop in the inflation rate in the United States to 3.2% in October, down from 3.7% in September. This has raised optimism that the US Federal Reserve might adopt a more measured approach to the rate hike.
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