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Nifty, Sensex rise for second day in a row despite Fed rate hike risk

Nifty, Sensex rise for second day in a row despite Fed rate hike risk

Stock Market India: Sensex up more than 500 points on Tuesday

Equity benchmarks gained on Tuesday after a positive turn in the session witnessed early in the week driven by a broader pickup in risk sentiment during Asian hours, tracking last-hour gains in stocks on Wall Street.

Nevertheless, the risk of a volatile trading session is high as trading patterns track volume and the path of Federal Reserve rate increases in this cycle.

After closing in the green in the previous session, the 30-share BSE Sensex index climbed 672.06 points to 59,813.29 and the broader NSE Nifty-50 index rose 209.5 points to 17,831.75.

Both the benchmarks have more or less made up all the losses from Friday’s bloodbath.

Nifty IT, Metals and Auto indices were the major gainers on the NSE with gains of over 1.5 per cent. Ircon International’s stock rose 4 percent after receiving an order for $23.13 million, Reuters reported.

Prashant Taapsee, Senior Vice President, Research, Mehta Equities, said before the opening, “Nifty saw a good recovery in the market amid a cautious trend. Bell, referring to Monday’s recovery in shares.

In early Asian trading hours, MSCI’s broadest index of Asia-Pacific equities outside Japan rose 0.7 per cent and US S&P 500 futures rose 0.11 per cent.

Australian shares were up 1.1 per cent, while the Nikkei in Japan was up 0.38 per cent.

The blue-chip CSI300 index in China was up 0.54 per cent in early trade. Hong Kong’s Hang Seng index opened with a gain of 0.92 percent.

As investors wait to see how strongly the Fed will hike rates at this week’s policy meeting, major Wall Street indices closed higher on Monday after oscillating between gains and losses throughout the session.

The dollar remained strong on Tuesday, but remained below two-decade highs versus key peers.



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