Sensex, Nifty Rally Led By Pharma Stocks
(RTTNews) - Indian shares rose notably on Wednesday as investors looked ahead to the Federal Reserve's rate decision later in the day and the interim budget tomorrow.
The fiscal deficit and taxation proposals to be unveiled in the budget will have direct bearings on markets.
The U.S. Federal Reserve is widely expected to leave interest rates unchanged later today, but the accompanying statement along with Chair Jerome Powell's press conference might provide some important clues on the timing of future rate cuts.
Optimism about a March rate cut has faded recently, with many economists now suggesting the Fed will wait until May to begin lowering rates.
The benchmark S&P BSE Sensex jumped 612.21 points, or 0.86 percent, to 71,752.11 while the broader NSE Nifty index settled 203.60 points, or 0.95 percent, higher at 21,725.70.
Dr Reddy's Laboratories jumped 4.8 percent to top the gainers list after the drug major posted improved performance for the December quarter, thanks to higher sales of generic cancer drug Revlimid.
Divis Laboratories, Tata Motors, Sun Pharma and Eicher Motors climbed 3-4 percent while Larsen & Toubro slumped 4.2 percent as Q3 earnings results missed Street estimates.
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