In today's stock market, the Nifty 50 climbed by 127 points or 0.59 percent to settle at 21,743.25, while the Sensex closed at 71,555.19, marking an increase of 483 points or 0.68 percent. The market saw gains primarily driven by select banking heavyweights such as ICICI Bank, Axis Bank, and Kotak Mahindra Bank, along with significant contributions from Reliance Industries, which reached a new record high during the trading session. However, the domestic market faced some pressure from weak global cues as investors awaited US inflation data, which could influence the policy decisions of the US Federal Reserve. There are expectations of rate cuts by the Fed this year, although recent strong US economic data has tempered expectations of such cuts as early as March. According to Reuters, investors now anticipate roughly 110 basis points of cuts by the end of the year, down from around 145 basis points at the beginning of February. Despite these uncertainties, the domestic market traded with gains for most of the day. In addition to the Nifty 50 and Sensex, mid and small-cap indices also closed in positive territory. The BSE Midcap index rose by 0.61 percent, while the Smallcap index saw a modest gain of 0.18 percent. Overall, the market capitalization of BSE-listed firms increased to nearly ₹380.8 lakh crore from approximately ₹378.8 lakh crore in the previous session, resulting in investors gaining about ₹2 lakh crore in a single session.