BENGALURU: India’s blue-chip indexes logged their best day in two weeks on Wednesday, led by high weightage information technology (IT) and financials stocks, after comments from a US Federal Reserve official elevated bets of rate cuts to as early as March.

The NSE Nifty 50 index rose 1.04% to 20,096.60 points, settling above the 20,000 mark for the first time since Sept. 18. The S&P BSE Sensex climbed 1.10% to 66,901.91.

Both the benchmarks are less than 1% shy of the record highs hit on Sept. 15.

“The rise in Nifty 50 above 20,000 is predominantly driven by falling US Treasury yields which has brought back foreign buying in domestic equities,” said Aishvarya Dadheech, founder of Fident Asset Management. Foreign portfolio investors have turned net buyers of Indian equities after two months, adding shares worth 29.01 billion rupees, as of Nov. 28.