Indian shares ended Wednesday’s session higher despite weak cues from global markets.
A weaker dollar and lower oil prices lent some support as investors awaited the Federal Reserve’s interest-rate decision later in the day.
A 25-bps rate hike is fully priced in, with investors waiting to see whether there will be a tilt towards dovishness around the inflation rhetoric.
Some economists believe that today’s rate hike will be the last following recent encouraging inflation data.
They expect today’s rate-hike announcement to mark the end of the rate-hiking cycle, followed by a series of aggressive rate cuts next year.
Oil prices were down about 1 percent in European trade after industry data showed a rise in U.S. crude inventories last week.
The benchmark S&P BSE Sensex ended the session up 351.49 points, or 0.53 percent, at 66,707.20 while the broader NSE Nifty index settled 97.70 points, or half a percent, higher at 19,778.30.
Among the top gainers, Sun Pharma, Britannia Industries, ITC, Cipla and Larsen & Toubro surged 2-4 percent.
Bajaj twins – Bajaj Finance and Bajaj FinServ – fell 1.7 percent and 1.4 percent, respectively to lead losses in the Nifty pack.
Market Analysis
Senex, Nifty Shrug Off Weak Global Cues To End Higher
2023-07-26 10:22:39
