New Delhi | Jagran Business Desk: Equity benchmark Sensex on Thursday zoomed over 958 points or 1.63 per cent to end at a record high of 59,885.36 while the Nifty 50 index soared 276.30 points or 1.57 per cent to close at its new peak of 17,822.95 as investors cheered the positive trend in global markets after the US Federal Reserve hinted that it may begin easing its extraordinary support measures for the economy later this year.
In the Sensex pack, Axis Bank was the top gainer as its shares increased by nearly 2 per cent. Besides Axis Bank, Tata Steel, Bajaj Finserv, SBI, Reliance Industries, HDFC Bank and Kotak Bank also ended in green. Similarly, Bajaj Finserv was the top gainer in the Nifty pack as its stocks increased by 4.63 per cent. Tata Motors, Coal India, Hindalco, HDFC, IndusInd Bank, State Bank of India (SBI) and Larsen and Toubro were also in green.
Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,943.26 crore on Wednesday, as per provisional exchange data.
US stocks finished sharply higher in the overnight session after the Federal Reserve's decision to keep its massive USD 120 billion monthly asset purchase programme intact to support the economy, said Binod Modi Head-Strategy at Reliance Securities.
The Federal Reserve Chair Jerome Powell said the Fed plans to announce as early as November that it will start to taper its monthly bond purchases, should the job market maintain its steady improvement.
"Powell indicated that the Central Bank may announce a pullback of its asset purchase programme in the November policy meeting and could start to raise interest rates in 2022, which was largely expected by markets," he said. "In our view, investors may continue to take comfort out of the FOMC meeting in the context that there is no final time frame yet to cut or stop asset purchase programmes".
Domestic equities look to be good as of now, he said, adding that favourable outcome from FOMC meeting and visible ease of rising concerns from possible defaults from Evergrande should essentially offer comfort to global markets.
Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading with gains in mid-session deals, while Seoul was in the red. The Japanese market remained closed. Meanwhile, international oil benchmark Brent crude rose 0.25 per cent to USD 76.38 per barrel.
(With PTI inputs)
Posted By: Aalok Sensharma