Sensex soars 489 points as dovish Fed lifts global markets
After gyrating over 700 points during the day, the BSE gauge settled 488.89 points, or 1.25 per cent, higher at 39,601.63.
Mumbai: The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut in the near future.
After gyrating over 700 points during the day, the BSE gauge settled 488.89 points, or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78. Similarly, the broader NSE Nifty closed 140.30 points, or 1.20 per cent, higher at 11,831.75.
During the day, the index touched a high of 11,843.50 and a low of 11,635.05. Yes Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent.
Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent. HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent.
Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after tanking nearly 90 per cent in the past 13 sessions. According to experts, domestic investors took cues from firm global markets that rallied after the US Federal Reserve's policy outcome.
The US central bank on Wednesday left the interest rates unchanged, but indicated it will not hesitate to cut rates to boost the economy amid growing uncertainties. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended significantly higher.
Equity markets in Europe too were trading in the green in early deals. Hopes of a breakthrough in US-China trade talks too boosted global investor sentiment, traders said.
On the currency front, the Indian rupee appreciated 11 paise to 69.57 against the US dollar intra-day.
Brent crude futures, the global oil benchmark, rose 2.67 per cent to USD 63.47 per barrel amid a flare up in geopolitical tensions in the Middle East.