Sensex, Nifty Gain Ahead Of Fed Meeting
(RTTNews) - Indian shares ended notably higher on Tuesday, bond yields dipped, and the U.S. dollar weakened in international markets as focus shifted to a two-day policy meeting of the Federal Reserve that gets underway later today.
It is widely believed that Fed will signal a slowdown of its tightening path after delivering a 75-bps rate hike on Wednesday.
Strong economic data and solid corporate earnings also boosted investors' confidence in the domestic economy.
India's manufacturing activity logged a further strong expansion in October amid a sharp rise in employment and stocks of purchases, survey data published by S&P Global showed earlier today.
The manufacturing Purchasing Managers' Index rose slightly to 55.3 in October from 55.1 in September. New orders grew at the slowest pace in four months, though at an above trend rate in October. New export orders also increased markedly.
The benchmark S&P BSE Sensex rose 374.76 points, or 0.62 percent, to 61,121.35, while the broader NSE Nifty index settled 133.20 points, or 0.74 percent, at 18,145.40.
Grasim, Power Grid Corp, NTPC, Divis Laboratories and Adani Enterprises surged 3-7 percent in the Nifty pack while Axis Bank lost 3.8 percent after a block deal on the BSE wherein 1.2 percent equity of the company changed hands.
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