New Delhi, Nov. 26 -- Domestic market barometer Nifty 50 began the December futures and options (F&O) series with a bang. The index surged 1.24% to end at 26,205.30 on Wednesday, the first day of the December series, inching closer to its record high of 26,277.35, scaled on September 27 this year.

Short covering in light of positive global cues amid rising expectations of a rate cut by the US Federal Reserve was the main factor behind the market's rise. Experts expect the December series to augur well for the market, thanks to healthy domestic macro, hopes of an India-US trade deal and easing geopolitical tensions.

Nifty is just 1% below its record high. If there is no major negative news flow, the index may surpass the 26,500 mark by t...