Sensex, Nifty Rally On Fed Rate Pause Hopes
(RTTNews) - Indian shares ended Tuesday's session sharply higher as the dollar and bond yields retreated on Fed rate pause hopes.
Top Fed officials indicated on Monday that rising bond yields and the resultant tightening of financial conditions might prompt the U.S. central bank to stand pat on interest rates until year-end.
Amid positive global sentiment, investors shrugged off a warning from the International Monetary Fund that the world economy is losing momentum in the face of higher interest rates, the ongoing war in Ukraine and widening geopolitical rifts.
The benchmark S&P BSE Sensex ended the session up 566.97 points, or 0.87 percent, at 66,079.36 with rate-sensitive auto, banks and financials leading the surge.
The broader NSE Nifty index settled 177.50 points, or 0.91 percent, higher at 19,689.85.
Coal India topped the gainers list to rise more than 5 percent while Hindalco, Kotak Mahindra Bank, Bharti Airtel and Adani Ports climbed 2-4 percent.
The rupee rose slightly against the dollar while gold and oil prices eased after rallying sharply the previous day.
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