Sensex Jumps 583 Points On Hopes Of Fed Policy Pause; Nifty Ends At 17,557
(RTTNews) - Indian shares posted strong gains on Wednesday as weak U.S. economic data this week curbed expectations for further Fed tightening.
Amid a looming recession and lingering worries about spillovers from banking turmoil, markets are now pricing in a 60 percent chance of the Fed standing pat on interest rates at its May 2-3 meeting.
Meanwhile, investors shrugged off data showing that India's services sector growth slowed in March after reaching a 12-year high in February.
The benchmark S&P/BSE Sensex jumped 582.87 points, or 0.99 percent, to settle at 59,689.31 while the broader NSE Nifty index closed at 17,557.05, up 159 points, or 0.91 percent, from its previous close.
Hindustan Unilever, ITC, HDFC Bank, HDFC and Larsen & Toubro rallied 2-4 percent in the Nifty pack, while Adani Enterprises, NTPC, IndusInd Bank, Mahindra & Mahindra and Eicher Motors fell 1-2 percent.
The Indian rupee strengthened past 82 to a dollar to reach its strongest level since March 13.
Oil prices were a tad lower in European trade after four days of consecutive gains in the aftermath of the OPEC+ announcement of further oil output cuts.
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