Sensex soars over 350 points, Nifty near 11,800-mark on positive cues from global markets ahead of Fed policy

Mumbai: Domestic equity benchmark BSE Sensex rallied over 350 points Wednesday driven by gains in banking and IT stocks, amid positive cues from global markets ahead of US Fed policy outcome.

The 30-share index was trading 367.24 points, or 0.94 percent, higher at 39,413.58 at 0930 hours. Similarly, the broader NSE Nifty was quoting 104.75 points, or 0.90 percent, up at 11,796.25.

In the previous session Tuesday, the BSE gauge settled 85.55 points, or 0.22 percent, higher at 39,046.34, while the Nifty closed 19.35 points, or 0.17 percent, higher to end at 11,691.50.

Top gainers in the Sensex pack in early trade included Tata Steel, Kotak Bank, Vedanta, Tata Motors, Axis Bank, Yes Bank, SBI, IndusInd Bank, Maruti, HDFC twins and RIL, rising up to 3.46 percent.

While, Bharti Airtel and Hero MotoCorp were the only losers in index, shedding up to 0.35 percent.

Global equities are witnessing a liquidity-fuelled rally as comments from central banks globally hinted at a rate cut, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

 Sensex soars over 350 points, Nifty near 11,800-mark on positive cues from global markets ahead of Fed policy

Representational image. Reuters.

"In a scenario of slowing global growth and benign crude prices, policymakers are reverting to easy monetary policy and lowering the cost of capital," he added.

Investors across the globe are awaiting the outcome of US Federal Reserve's policy, scheduled to be announced later in the day.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions.

Bourses on Wall Street too ended in the green on Tuesday.

Meanwhile, on a net basis, foreign institutional investors bought equity worth Rs 31.73 crore, while domestic institutional investors purchased shares to the tune of Rs 181.03 crore, provisional data available with stock exchanges showed on Tuesday.

On the currency front, the Indian rupee appreciated 16 paise to 69.53 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.03 percent lower at 62.12 per barrel. PTI

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Updated Date: Jun 19, 2019 10:03:53 IST