Sensex, Nifty Rally On Dovish Fed Signals
(RTTNews) - Indian shares rose notably on Monday after Federal Reserve Chair Jerome Powell signaled the U.S. central bank is prepared to begin cutting interest rates at its next monetary policy meeting in September.
"The time has come for policy to adjust," Powell said at the Jackson Hole Economic Symposium, although he noted the "timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."
The benchmark S&P/BSE Sensex jumped 611.90 points, or 0.75 percent, to 81,698.11 as the dollar and bond yields sagged on Powell's dovish speech.
The broader NSE Nifty index closed at 25,010.60, up 187.45 points, or 0.76 percent, from its previous close.
Bajaj FinServ, ONGC, NTPC, Hindalco and HCL Technologies surged 3-4 percent in the Nifty pack while Adani Ports, Hero MotoCorp and Apollo Hospitals Enterprise all fell around 1 percent.
Shares of One97 Communications, the parent company of Paytm, plunged 4.5 percent after reports emerged that capital market regulator SEBI has issued a show-cause notice to founder Vijay Shekhar Sharma and its board members for likely "misrepresentation of facts" and "non-compliance with promoter classification norms", based on inputs from the Reserve Bank of India (RBI).
Similarly, Anil Ambani-owned companies extended declines after SEBI imposed a five-year ban on Anil Ambani and 24 others.
Reliance Power plummeted 5 percent and Reliance Home Finance lost 5.2 percent.
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