Sensex, Nifty Surge To New Record Highs
(RTTNews) - Indian shares rose notably on Wednesday to reach fresh record highs as investors reacted to dovish comments from Federal Reserve Chair Jerome Powell.
On Tuesday, Powell acknowledged progress in disinflation but added that officials need more confidence before cutting interest rates.
As growth worries mount, it is widely accepted that the Fed will likely cut interest rates at its meeting in September.
The benchmark S&P/BSE Sensex hit a new record high of 80,074 in intraday trading before ending the session up 545 points or 0.69 percent, at 79,986.
The broader NSE Nifty index also scaled a fresh peak of 24,309 before closing at 24,286, up 162 points, or 0.67 percent, from its previous close.
Gains were broad-based, with the BSE mid-cap and small-cap indexes gaining around 0.9 percent each.
Tata Consumer Products topped the gainers list to close 3.6 percent higher while Axis Bank, HDFC Bank, Kotak Mahindra Bank and Adani Ports all rose around 2 percent. On the losing side, Titan Company and TCS fell over 1 percent each.
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