Sensex, Nifty End Higher Ahead Of Fed Decision

RTTNews | 322 days ago

(RTTNews) - Indian shares eked out modest gains on Wednesday ahead of a Federal Reserve interest-rate cut expected later in the day.

Trade deal optimism prevailed after U.S. President Donald Trump signaled the long-awaited U.S.-India trade deal is coming soon, hinting at tariff cuts and easing tensions over Russian oil imports.

Investor attention was also focused on upcoming earnings from U.S, mega tech companies and Thursday's Trump-Xi meeting.

"I think we're going to have a great meeting with President Xi of China, and a lot of problems are going to be solved," Trump said en route to South Korea where he is due to meet with his counterpart Xi.

According to the Wall Street Journal, the leaders may discuss a proposed trade framework that could see Washington reduce tariffs on Chinese goods in exchange for Beijing's commitment to curb exports of fentanyl precursor chemicals.

The benchmark BSE Sensex rose by 368.97 points, or 0.44 percent, to 84,997.13 while the broader NSE Nifty index settled up 117.70 points, or 0.45 percent, at 26,053.90.

The mid-cap and the small-cap indexes on the BSE gained 0.7 percent and 0.6 percent, respectively.

The market breadth was strong on the BSE, with 2,495 shares rising while 1,657 shares declined and 173 shares closed unchanged.

Among the top gainers, Sun Pharma, Tata Steel, HCL Technologies, Power Grid Corp, NTPC and Adani Ports climbed 2-3 percent.

Globally, Asian markets ended mostly higher as tech stocks surged on optimism over artificial intelligence boom.

European stocks were mixed in early trade as investors digested a flurry of earnings reports and waited for earnings from mega cap U.S. technology companies.

Gold prices rebounded, climbing over 1 percent following a three-day selloff after at least 100 people were killed in strikes across Gaza, including at least 35 children.

The dollar rose from a one-week low versus major peers, while oil extended losses for a fourth day running as investors weighed the impact of potential OPEC+ plan to raise output on global supply.

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