Sensex, Nifty Rally On Dovish Fed; IT Stocks Top Gainers

RTTNews | 667 दिनों पहले
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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Futures point to a flat start for the Canadian market Friday morning, but the nation's employment data, due before the opening bell, could well set the trend for stocks. Firm gold and silver prices are likely to trigger some strong buying in the materials sector.
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