Sensex, Nifty Rally On Dovish Fed; IT Stocks Top Gainers
(RTTNews) - Indian shares opened on a strong note Thursday and the rupee rebounded sharply after the U.S. Federal Reserve's "dot plot" revealed expectations of a 75-basis point decrease in rates by 2024.
The benchmark S&P BSE Sensex was up 749 points, or 1.1 percent, in early trade, with banks and tech stocks leading the surge.
The broader NSE Nifty index jumped 205 points, or 1 percent, to 21,132.
IT stocks were seeing broad-based gains after the 10-year U.S. Treasury yield dropped to the lowest level since August on the Fed's dovish stance.
Infosys, Wipro, LTIMindTree, HCL Technologies and Tech Mahindra surged 3-4 percent.
Top banks SBI, HDFC Bank, ICICI Bank and Axis Bank all rose around 1 percent.
Shares of Indian Railway Catering & Tourism Corporation rose 1.4 percent after the company said it was eyeing a major expansion in non-railway catering business.
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