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Sensex, Nifty Rally On Dovish Fed Stance
(RTTNews) - Indian shares traded higher on Thursday as investors reacted to dovish Fed stance on interest rates and mixed earnings results.
Global cues were supportive, and the dollar tracked Treasury yields lower as comments from Fed Chair Jerome Powell suggested that U.S. rate hikes were done.
The benchmark S&P BSE Sensex was up 600 points, or 0.9 percent, at 64,192 in early trade, while the broader NSE Nifty index was up 184 points, or 1 percent, at 19,173.
Britannia Industries rallied 3 percent as it posted 20 percent growth in Q2 consolidated profit.
LTIMindTree, IndusInd Bank, Kotak Mahindra Bank and Apollo Hospitals Enterprise all rose about 2 percent.
Bharti Airtel climbed 1.1 percent after reports that it may take lead in raising tariffs.
Tata Steel fell about 1 percent after reporting a net loss for Q2.
Hero MotoCorp dropped half a percent despite reporting a 47 percent rise in quarterly profit.
Adani Wilmar declined half a percent after it reported a net loss of Rs. 131 crores in the July-September period.
LIC Housing Finance was moving lower despite Q2 earnings coming above estimates. Gujarat Mineral Development Corporation plunged 7 percent on dismal Q2 results.
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