Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on fresh record closing high, as investors remained optimistic about the outlook for interest rates as they cautiously await the US Fed's monetary policy announcement later in the day. Index made a positive start, as traders got some support after revenue secretary Sanjay Malhotra ruled out any review of the long-term capital gains (LTCG) tax regime in the medium term. Some optimism came as the government said the rupee remains one of the best performing currencies in 2024, with a much lower depreciation against the dollar than the currencies of Japan and South Korea.
Index continued to trade on higher note in noon deals, as sentiments remained optimistic with Commerce and Industry Minister Piyush Goyal’s statement that incentives worth Rs 9,721 crore have been claimed under the PLI scheme for nine sectors, including large-scale electronics manufacturing and pharmaceuticals. Besides, amid a drop in the household savings ratio, Minister of state for finance Pankaj Chaudhary said that the government’s focus on ease of doing business, skilling, employment generation and infrastructure creation creates a congenial environment for growth of household income and saving. In last leg of trade, index extended its gains to end at fresh record closing high.
