MUMBAI– Indian equity markets rose for the third straight session on Thursday, lifted by gains in information technology shares after the U.S. Federal Reserve cut interest rates by 25 basis points.
The Sensex ended the day at 83,013.96, up 320.25 points or 0.39 percent, after opening higher at 83,108.92. The Nifty also advanced, closing at 25,423.60, up 93.35 points or 0.37 percent.
“Global equities traded in the green after the U.S. Federal Reserve cut rates to 4–4.25 percent and signaled two more reductions this year to cushion rising job market risks. Mirroring the upbeat global sentiment, Indian markets opened with a positive gap-up and maintained a sideways trajectory through the first half of the session,” Ashika Institutional Equities said in a note.
Among Sensex constituents, Sun Pharma, Infosys, HDFC Bank, PowerGrid, HCL Tech, ITC, Hindustan Unilever, Tata Steel, Axis Bank, and Bajaj FinServ posted gains. Bajaj Finance, Tata Motors, Trent, Ultratech Cement, and Asian Paints finished lower.
Sectorally, IT stocks led the charge with the Nifty IT index jumping 303 points, or 0.83 percent. Other major gainers included Nifty Financial Services (up 0.51 percent), Nifty Bank (up 0.42 percent), Nifty FMCG (up 0.36 percent), and Nifty Auto (up 0.13 percent).
Broader indices also extended their rally, with the Nifty Small Cap 100 climbing 53 points (0.29 percent), the Nifty Midcap 100 adding 224 points (0.38 percent), and the Nifty 100 gaining 91 points (0.35 percent).
Meanwhile, the rupee closed weaker at 88.09 against the dollar, down 0.26 percent, despite a softer dollar index after the Fed decision. “The rupee failed to gain as foreign investor sentiment remained cautious. India–U.S. trade talks will be the next key trigger,” said Jateen Trivedi of LKP Securities, adding that support for the rupee lies near 87.75 and resistance at 88.25. (Source: IANS)
