Sensex, Nifty End Higher On Dovish Fed Bets
(RTTNews) - Indian shares ended Wednesday's session higher as weak U.S. data released overnight bolstered the case for deeper rate cuts.
A slew of data showed on Tuesday that U.S. consumer confidence unexpectedly fell the most in three years in September, house-price growth slowed in July and factory activity slumped more sharply in the mid-Atlantic region this month.
The weak data bolstered the case for another super-sized interest rate cut at the Federal Reserve's next meeting in November.
That said, overall gains were capped by volatile oil prices due to a widening Middle East conflict.
The benchmark 30-share BSE Sensex ended the session up 255.83 points, or 0.30 percent, at 85,169.87 while the broader NSE Nifty index closed at 26,004.15, up 63.75 points, or 0.25 percent, from its previous close.
Among the top gainers, Power Grid Corp gained more than 4 percent after bagging a new project.
Grasim, Bajaj FinServ, NTPC and Axis Bank all rose around 2 percent while Tata Consumer Products, Tech Mahindra and LTIMindtree fell 2-4 percent.
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