Sensex up 74 points as investors regain confidence with hiked US Fed rates

Mumbai: Sensex on Thursday gained 74 points in early trade in the backdrop of investors regaining confidence after the US Federal Reserve marginally hiked key policy rates.

It was further aided by an appreciating rupee as the 30-share index, which was in the green bracket in the previous two sessions, added 73.53 points taking it to 31,229.44.

Counters such as realty, oil and gas, auto, healthcare and FMCG traded positive.

The NSE Nifty too edged up by 3.25 points, or 0.03 per cent, at 9,621.40. But caution set in after the Federal Reserve raised interest rates by 25 bps and announced its plans to start paring its bond holdings.

Major gainers that supported the indices were Bharti Airtel, Adani Ports, NTPC, Dr Reddy’s, Cipla, Hero MotoCorp, RIL, ITC and Hind Unilever, rising by up to 1.37 per cent. Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) kept bullish sentiment intact.

The DIIs bought shares worth a net Rs 71.65 crore while foreign portfolio investors (FPIs) sold shares worth Rs 161.13 crore yesterday, as per provisional data.

Japan’s Nikkei fell 0.43 per cent while Shanghai Composite shed 0.05 per cent in the initial session today. Hong Kong too declined 0.98 per cent.

The US Dow Jones Industrial Average scaled new highs by ending 0.22 per cent yesterday.

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