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Sensex, Nifty Gain Led By FMCG Stocks
(RTTNews) - Indian shares ended Wednesday's session higher, with the Nifty crossing 18,700 for the first time in 2023 amid hopes of interest rate pause by RBI and the Federal Reserve.
The RBI announces its interest-rate decision on Thursday, with economists expecting status-quo on rates.
The benchmark S&P/BSE Sensex rose 350.08 points, or 0.56 percent, to 63,142.96 amid expectations that a reshuffle in the FTSE index on June 16 could lead to significant net inflows in the Indian equity market.
The broader NSE Nifty index settled 127.40 points, or 0.68 percent, higher at 18,726.40, led by FMCG stocks with Nestle India, Tata Consumer Products and Britannia Industries climbing 3-4 percent.
HDFC Life added 2.7 percent and BPCL jumped 3.3 percent.
On the losing side, Cipla and Kotak Mahindra Bank fell around 1 percent each.
Gold prices held steady in European trade and the dollar wobbled as investors looked ahead to key central bank meetings in the U.S., Europe and Japan next week.
As the inflation situation improves, the Fed is widely expected to pause its recent series of interest rate hikes.
Oil prices edged up in choppy trade as investors weighed fuel demand concerns against optimism over OPEC's recent decision extension of production cuts.
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