Sensex gains 1,040 points, Nifty rises over 300 points
Market experts said that investors would keep an eye on the outcome of the US Federal Reserve’s monetary policy meeting.
Key equity indices Sensex and Nifty finished with huge gains on Wednesday. The 30-share BSE Sensex jumped 1,039.80 points, or 1.86%, to finish at 56,816.65 points, while Nifty rose 312.35 points, or 1.87%, to close at 16,975.35 points.
All the sectors made gains as the information technology, oil and gas, auto, bank, metal and realty sub-indices indices rose in the range of 2% to 3%.
Among major stocks, UltraTech Cement, Axis Bank, Bajaj Auto, IndusInd Bank and Shree Cement were the top gainers as their shares rose between 3% to 4.6%.
Market experts said that investors would keep an eye on the outcome of the US Federal Reserve’s monetary policy meeting, scheduled to be announced later on Wednesday.
“General market expectations predict an increase in rate hikes for the first time in three years,” Mohit Nigam, head of portfolio management at financial services firm Hem Securities, told IANS.
The rise in interest rates in US markets typically make investments in emerging markets like India less profitable, which encourage investors to pull out their money.
Meanwhile, the rupee strengthened by 42 paise to 76.20 against the US dollar on Wednesday, PTI reported. Last week, the rupee had hit a lifetime low of 77.01 against the US dollar due to a surge in global crude oil prices.