Indian Markets Reach Record Highs Amid Global Caution

**Title: Indian Markets Hit Record Highs Amid Global Economic Caution**

Vinod Nair, Head of Research at Geojit Financial Services, reported that Indian markets continued their upward trajectory on Wednesday, propelled by strong performance in the broader market. However, they slightly trailed behind Asian and European counterparts.

The Nifty surged by 111.05 points or 0.49 percent, settling at a fresh closing high of 22,753.80. Similarly, the Sensex climbed 354.45 points or 0.47 percent, crossing the 75,000-mark for the first time to close at 75,038.15.

Investor focus remained on the impending release of the FOMC (Federal Open Market Committee) minutes and US inflation data. Following robust US job data, market sentiments leaned towards expectations of elevated inflation, reducing the likelihood of an immediate rate cut, as per Nair.

Moreover, Fitch Ratings’ downgrade of China’s credit rating added cautionary notes. Fitch revised China’s long-term foreign-currency Issuer Default Rating (IDR) outlook to negative from stable, citing increased risks to China’s public finance outlook amidst economic transition.

Rupak De, Senior Technical Analyst at LKP Securities, noted the Nifty’s sideways movement as investors awaited US CPI inflation data. He identified the resistance zone at 22,700-22,750 and support at 22,600.

De suggested a strategy of buying on dips and selling on rallies with proper stop-loss measures, given the market’s range-bound nature. A decisive move above 22,750 could potentially trigger a rally towards 23,000 in the short term.