Sensex, Nifty Snap 3-day Losing Track, Settle On Firm Note

RTTNews | 277 days ago

(RTTNews) - After three successive days of losses, Indian stock indices Sensex and the Nifty50 closed higher on Thursday, lifted by the Federal Reserve's decision to lower interest rate by 25 basis points.

The Fed lowered interest rate by 25 basis points, as widely expected, on Wednesday.

At a news conference following the decision, Fed Chair Jerome Powell said the Fed would have to "wait and see" before making its next move, adding a rate hike isn't in the base case.

Fed members suggested just one further cut in their 2026 central projection, but traders bet risks are skewed towards more cuts.

Expectations of a trade deal with the U.S. rose after India's chief economic advisor V. Anantha Nageswaran said in an interview with Bloomberg TV that most of the issues between the two countries have been sorted out, and that an agreement will be reached by March next year.

Stocks gained ground despite the rupee falling to a record low against the greenback.

The BSE benchmark Sensex slipped to 84.150.19 after a positive start, but recovered swiftly and gained in strength as the day progressed to eventually settle with a gain of 426.86 points or 0.51% at 84,818.13.

The National Stock Exchange's Nifty50, which dropped to 25,693.25 after opening at 25,771.40, ended the session with a gain of 140.55 points or 0.55% at 25,898.55.

Automobile, technology, pharmaceuticals, consumer durables and bank stocks were among the prominent gainers.

Eternal, up 2.75%, was the top gainer in the Sensex. Tata Steel and Kotak Bank moved up 2.56% and 2.45%, respectively.

UltraTech Cement, Maruti Suzuki, Sun Pharmaceuticals Industries, Tech Mahindra, HDFC Bank and TMPV gained 1 to 1.3%. Trent, Infosys, M&M and Reliance Industries also closed on firm note.

Adani Enterprises was the top gainer in the Nifty50 index, rising 2.65%. Jio Financial Services also gained nearly 2.65%. Dr. Reddy's Laboratories, Grasim Industies, Cipla, Shriram Finance and Max Health also posted strong gains.

Asian Paints, Bharti Airtel, Bajaj Finance and ICICI Bank ended lower by 0.3 to 1%.

The market breadth was positive. On BSE, 2,448 stocks moved higher, and 1,743 stocks closed weak, while 165 stocks ended little changed.

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