Market Closing: Keeping with a strong session on Wall Street, the BSE Sensex rose over 1,181 points to reach a new closing peak of 61,795 and the NSE Nifty soared to a level last seen 13 months high. Lower US inflation fuelled chances that the US Fed will dial down its aggressive rate hike stance in the future.

The BSE Sensex rose beyond 61,000 at the start of the session and continued to gain strength, reaching a high of 61,841 for the day.  Finally, the index reached an all-time closing high of 61,795 after rising 1,181 points or 1.95 percent throughout the session. The NSE Nifty rose by 321 points, or 1.78 percent, to close the day at 18,350, which was its highest closing value since last October 19.

The HDFC Bank, HDFC Finance soared by about 6%, which helped the Sensex gain. Tech Mahindra, Infosys,  HCL Tech and TCS  gained as much as 4.5 percent.

On Friday, investors wagered that the Federal Reserve will slow the pace of interest rate hikes as US inflation reaches a peak, causing a relief rally in global shares to enter its second day. 

After China, the world's largest crude importer, relaxed some of its strict COVID restrictions, oil prices spiked.
After US statistics revealed that price increases were less than anticipated in October, the S&P 500 and Nasdaq registered their largest daily percentage advances in more than 2-1/2 years on Thursday.

On Friday, Asian markets reached a seven-week high, while the dollar sank amid weaker-than-expected economic data. US inflation figures gave rise to expectations that the Federal Reserve could scale back its escalating interest rate increases.

The highest one-day percentage increase in the broadest MSCI index of Asia-Pacific shares outside of Japan since March 2020 occurred when it rose 5.33 percent. The index is now down 23% for the year, but it is on track to post its largest weekly increase in more than two years with a gain of over 7%.

On the foreign exchange market, the Indian rupee increased 62 paisas to trade at 80.78 US cents on Friday.

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