Sensex opens more than 200 points higher as Fed lowers rate hike outlook

MBAI: The benchmark BSE Sensex rallied over 255 points and the NSE Nifty recaptured the 7,500-mark on Thursday on widespread gains amid a firming trend at other Asian bourses after the Federal Reserve signalled a slower pace of interest-rate hike this year.

The 30-share barometer rose 255.75 points, or 1.03 per cent, to 24,938.23. The gauge had gained 131.31 points in the previous session.

ICICI Bank, Adani Ports, GAIL, ONGC, Tata Steel, Tata Motors, Bharti Airtel, Maruti Suzuki, HDFC Ltd, SBI, L&T, BHEL, Axis Bank and RIL contributed to the upsurge.

Also, the NSE Nifty reclaimed the crucial 7,500-mark by climbing 84.15 points, or 1.12 per cent, to 7,582.90.
Equity brokers said trading sentiments buoyed largely in tandem with a rally at other Asian markets after the US Federal Reserve kept interest rates unchanged and signalled a slower pace of interest-rate hikes this year.
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In the rest of Asia, Hong Kong’s Hang Seng rose 1.35 per cent while Japan’s Nikkei edged up 1.39 per cent in early trade on Thursday.

The S&P 500 closed at its highest level of the year on Wednesday after the US Federal Reserve left interest rates untouched and signaled fewer rate hikes in coming months. The Fed indicated moderate US economic growth and “strong job gains” would allow it to tighten policy this year with fresh projections showing policymakers expected two quarter-point hikes by the year’s end, half the number seen in December.

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Source:Timesofindia

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