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Sensex, Nifty Climb On Dovish Fed; IT Stocks Rebound
(RTTNews) - Indian shares opened on a buoyant note Thursday after the U.S. Federal Reserve held interest rates steady, as widely expected, and signaled the possibility of two rate cuts by the end of the year, given increased uncertainty around the economic outlook.
The Fed also lowered its economic outlook for the year, marked up its inflation expectations and said it will start shrinking its balance sheet at a slower pace starting next month amid growing worries around tariffs.
The benchmark 30-share BSE Sensex was up 456 points, or 0.6 percent, at 75,905 in early trade while the broader NSE Nifty index jumped 130 points, or 0.6 percent, to 23,037.
IT stocks topped the gainers list after an investor event reassured markets about demand for artificial intelligence computing.
HCL Technologies, TCS, Infosys and Wipro climbed 2-3 percent.
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