Sensex, Nifty End Modestly Higher On Fed Pivot Bets
(RTTNews) - Indian shares ended modestly higher on Thursday as trading resumed after the May Day holiday the previous day.
Underlying sentiment was supported somewhat following less hawkish-than-expected comments from the U.S. Federal Reserve.
On Wednesday, the U.S. central bank signaled that it will still pivot to lowering borrowing costs after gaining enough confidence that price gains are cooling.
Falling oil prices on easing geopolitical tensions also offered some support.
Crude oil prices traded higher in European trade, after having fallen by 3 percent to hit a seven-week low in the previous session on EIA data showing an unexpected increase in U.S. crude stockpiles.
The benchmark S&P BSE Sensex moved in a narrow range before ending the session up 128.33 points, or 0.17 percent, at 74,611.11.
The broader NSE Nifty index rose 43.35 points, or 0.19 percent, to 22,648.20, with the upside capped due to caution ahead of Apple's upcoming earnings.
State-run oil marketing company BPCL topped the gainers list to surge 4.6 percent after crude oil prices fell around 5 percent in the previous two sessions.
Bajaj Auto, Tata Motors, Asian Paints and Power Grid Corp rallied 2-4 percent while HDFC Life, Axis Bank, Bharti Airtel, Tata Consumer Products and Kotak Mahindra Bank fell 1-3 percent.
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