Indian Shares Rally On US-Iran Diplomacy Hopes
(RTTNews) - Indian shares rallied on Thursday after the U.S. Federal Reserve held interest rates steady, as widely expected, and oil prices eased following fresh diplomatic efforts to end the war in the Middle East.
The Fed offered little clarity on its next move after keeping interest rates unchanged despite persistent inflation and dissents from Fed governor Lisa Cook and Cleveland Fed President Beth Hammack.
According to the CME FedWatch Tool, markets currently expect a 78 percent probability of a December rate hike, down from about 84 percent before the meeting.
In geopolitics, Iran's Foreign Minister Abbas Araghchi said Teheran continued to give diplomacy a chance. According to the Wall Street Journal, U.S. President JD Vance had reached out to Iranian national security official Mohsen Rezaei.
U.S. President Donald Trump confirmed that negotiations were underway through mediators but stressed he didn't know whether they would bear fruit.
The 30-share BSE Sensex jumped 905.01 points, or 1.24 percent, to 74,151.04, tracking mostly positive cues from global markets and a stronger rupee.
The NSE Nifty index surged 237.90 points, or 1.05 percent, to 22,936.75 while the BSE mid-cap and small-cap indexes rose around 0.7 percent each.
The market breadth was strong on the BSE, with 2,664 shares rising while 1,706 shares declined and 218 shares closed unchanged.
Among the top gainers, Adani Ports soared 5.2 percent after logging its highest quarterly profit and raising its FY27 guidance.
ITC, Infosys, BEL, NTPC, Titan Company, Hindustan Unilever, SBI, Bajaj Finance, Eternal, Power Grid Corp and Kotak Mahindra Bank climbed 2-4 percent.
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