Benchmark index Nifty 50 closed above the significant 26,000 mark on Wednesday, thanks to a last-hour rally led by financial stocks, following the Federal Reserve’s first interest rate reduction in four years.

The Nifty 50 closed 63.75 points higher at 26,004.15, while the Sensex increased by 255.83 points to reach 85,169.87.

Financial stocks emerged as one of the biggest gainers on the benchmark, driven by investor confidence in potential further US rate cuts later this year. The financial sub-index increased by 0.42% to 24,987.75, while the Nifty Bank rose 0.25% to 54,101.65, with significant contributions from heavyweight HDFC Bank and Axis Bank.

Conversely, information technology stocks weighed down the benchmark, with the IT sub-index declining by 0.67% to 41,960.95 points.

Among individual stocks, Piramal Pharma shares surged over 6% in early trading after the company announced its vision to become a global pharma, health, and wellness leader by FY2030.

Shares of Power Grid Corporation of India Ltd. were active in trading, gaining nearly 5% to reach a record high of Rs 366.25 on Wednesday.

Muthoot Finance shares increased by 3% as gold prices reached a new all-time high on Wednesday.

Indian Energy Exchange Ltd. (IEX) declined by 4.3%, following a nearly 12% drop on Tuesday. Prior to this two-day decline, the stock had surged by 33% in the last month.

Dabur India shares also fell by 4.3% after UBS downgraded the stock from “buy” to “neutral.”

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