Sensex, Nifty Jump Around 2% As Fed Worries Ebb
(RTTNews) - Indian shares rallied on Thursday after the U.S. Federal Reserve announced a 75-bps rate hike, as widely expected, and indicated that it may be appropriate to slow the pace of increases going forward amid concerns over a possible recession.
The benchmark S&P BSE Sensex soared 1,041.47 points, or 1.87 percent, to 56,857.79 while the broader NSE Nifty index closed up 287.80 points, or 1.73 percent, at 16,929.60.
Bajaj Finance surged 10.5 percent after reporting its highest-ever consolidated quarterly net profit for the June quarter.
Bajaj FinServ soared a little over 10 percent after its board approved 1:1 bonus issue and a stock split in the ration of 1:5.
Tata Steel rallied 4.4 percent as shares turned ex-date for a 1:10 stock split. Banks like SBI and Kotak Mahindra Bank rose around 4 percent each. On the flip side, Shree Cement led losses to close 3 percent lower while Bharti Airtel and UltraTech both fell around 1 percent.
Tata Motors ended little changed with a negative bias after widening its quarterly net loss.
SpiceJet shares tumbled 3.5 percent. Following multiple snags, the budget airline has been ordered by the aviation regulator to operate only 50 percent of its flights for eight weeks.
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