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Sensex, Nifty Join Global Rally On Fed's Dovish Pivot
(RTTNews) - Indian shares rose sharply on Thursday, tracking gains across global markets, a weaker dollar and declining bond yields after the Federal Reserve signaled three interest rate cuts next year against the backdrop of easing inflation and slowing economic growth.
The median forecast indicates rates will be lowered to 4.6 percent by the end of 2024. During the post-meeting press conference, Fed Chair Jerome Powell acknowledged that rate cuts will be a "topic of discussion" at upcoming meetings.
It is believed that the Fed's dovish stance coupled with a favorable macroeconomic picture will trigger large capital flows to India, compared to other emerging markets.
The benchmark S&P BSE Sensex jumped 929.60 points, or 1.34 percent, to 70,514.20, mirroring upbeat global sentiment.
The broader NSE Nifty index settled 256.35 points, or 1.23 percent, higher at 21,182.70.
IT stocks topped the gainers list after the 10-year U.S. Treasury yield dropped to the lowest level since August on the Fed's dovish stance.
HCL Technologies, Wipro, LTIMindTree, Tech Mahindra and Infosys soared 3-4 percent. On the losing side, Power Grid Corp and HDFC Life both fell around 2 percent.
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