Key indices back in black as moderate optimism returns to Dalal St
Stock markets close higher on buying in RIL, L&T and rally in US equities
image for illustrative purpose
Mumbai Benchmark Sensex bounced back 351 points, while Nifty closed above the 19,750 level on Wednesday following buying in capital goods, banking and oil shares amid fresh foreign fund inflows.
Snapping its three-session losing run, the 30-share BSE Sensex climbed 351.49 points or 0.53 per cent to settle at 66,707.20. During the day, it jumped 541.56 points or 0.81 per cent to 66,897.27. The broader NSE Nifty advanced 97.70 points or 0.50 per cent to end at 19,778.30. As many as 31 Nifty shares closed in the green, 18 declined and one closed flat.
“Optimism inched back after three trading days of consolidation ahead of the US Federal Open Market Committee meeting. As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023. This is because inflation has rapidly come down and is forecast to settle down further,” Vinod Nair, head (research) at Geojit Financial Services.
