Sensex, Nifty Join Global Rally As Fed Worries Ease
(RTTNews) - Indian shares followed global peers higher on Friday and the rupee hit a one-month high, as comments from a Federal Reserve official raised hopes that the Fed will stick with a 25-bps rate hike at its next meeting in March.
Atlanta Federal Reserve President Raphael Bostic said on Thursday he favored "slow and steady" path of interest rate hikes.
Strong service sector data from Asia and Europe also helped calm market fears that a recession may be imminent.
Closer home, activity in India's dominant services sector expanded at the fastest pace in 12 years in February on strong demand and easing price pressures, a survey showed.
The benchmark S&P/BSE Sensex jumped 899.62 points, or 1.53 percent, to 59,808.97 while the broader NSE Nifty index settled 272.45 points, or 1.57 percent, higher at 17,594.35.
Adani Group stocks were in the spotlight after the embattled group sold minority stakes in four of its listed companies to U.S.-based GQG Partners for Rs. 15,446 crore.
Adani Ports soared 9.8 percent and Adani Enterprises climbed 16.6 percent while Adani Green Energy and Adani Transmission both rallied around 5 percent.
Among other prominent gainers, SBI Life, Bharti Airtel and SBI jumped 3-5 percent.
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