Sensex ignores Fed worries to log 170-pt rise
Mumbai : Market benchmark Sensex rose for a second straight session today by gaining 170 points as domestic investors shrugged off a widely anticipated US rate hike, while defensive buying in oil counters offset selling in banking stocks.
Nifty also reclaimed the 7,700-mark on gains in Reliance Industries and ONGC stocks as crude oil prices recovered from multi-year lows.
Sentiment took a turn for the better after European stocks rose in early trade ahead of the start of a two-day US Federal Reserve meeting, brokers said.
Meanwhile, the rupee recovered from 27-month low by rising 16 paise to 66.93 against the dollar.
The 30-share Sensex after resuming higher at 25,186.68, succumbed to profit-booking and slipped into the negative zone to hit a low of 25,075.54. Later it surged to a high of 25,342.78 before settling 170.09 points or 0.68 per cent higher at 25,320.44.
The gauge had gained 106 points in the previous session. The 50-share NSE Nifty closed 50.85 points or 0.66 per cent higher at 7,700.90. Intra-day, it hovered between 7,705.00 and 7,625.10.
From Sensex constituents, RIL ended 2.14 per cent higher and ONGC rose 2.06 per cent, supported by a rebound in global crude oil prices from near 11-year lows.
Other gainers included Lupin, HUL, Tata Motors, Bajaj Auto, HDFC, Maruti Suzuki, Hero MotoCorp, Axis Bank, ITC, Bharti Airtel, Infosys, L&T, Sun Pharma and Hindalco.
Sectorwise, BSE consumer durable index gained the most by rising 1.50 per cent, followed by auto (1.31 pc), FMCG (1.05 pc), realty (0.93 pc), oil&gas (0.73 pc), capital goods (0.50 pc) and healthcare (0.43 pc).
The broader markets too remained firm as investors indulged in widening bets and the BSE small-cap index rose 0.69 per cent and while mid-cap gained 0.56 per cent.