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Sensex, Nifty Rally On Dovish Fed Expectations
(RTTNews) - Indian shares were sharply higher on Wednesday, tracking firm global cues and a decline in U.S. Treasury yields as tamer than expected U.S. CPI data bolstered the view that the Fed was probably done with rate hikes.
The benchmark S&P BSE Sensex was up 619 points, or 1 percent, at 65,553 in early trade while the broader NSE Nifty index was up 190 points, or 1 percent, at 19,634. Metal stocks traded higher, with JSW Steel and Hindalco rising 2-4 percent.
Tata Steel added 2 percent after it announced 800 jobs cuts in Netherlands.
Oil explorer ONGC gained 2.6 percent as crude prices gained on increased Middle East tensions.
Grasim rose 1.1 percent on reporting a 15 percent rise in its Q2 net profit.
Manappuram Finance jumped nearly 8 percent after quarterly profit grew 37 percent year-on-year.
Jaiprakash Associates rallied 3.4 percent after it sealed a debt settlement pact with ICICI Bank.
NMDC tumbled 3.2 percent despite reporting 15 percent growth in Q2 net profit.
Asian Paints edged up slightly after raising production capacity of its Khandala plant.
RVNL climbed 2.6 percent on winning a Rs 311 crore order from Central Railways for the construction of tunnels and bridges in Madhya Pradesh.
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