Markets End Higher Ahead Of Crucial Fed Meet

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, September 16, 2015, 15:37 [IST]

Benchmark indices ended the day higher ahead of the US Fed meet which will decide on hiking interest rates in the US for the first time in 9 years.

Most global markets rallied ahead of the US Federal Open Market Committee (FOMC) meet scheduled over Sept 16-17 on hopes that there would be no interest rate hikes.

Check Sensex gainers and losers

The Sensex closed the day higher with gains of 258 points, while the Nifty rallied 70 points in trade. Among the gainers in trade were HeroMotor Corp, Bharti Airtel, Bajaj Auto and Axis Bank.

Shares in Sun Pharma gained following an acquisition in the US. Few losers in trade were Bhel and Larsen and Toubro.

Suven Life Sciences was among the gainers after after the company announced it had secured product patents from Canada and China.

Amtek Auto which has been in the news and has been volatile throughout the week ended the day sharply lower.

Banking stocks were leading the winners in trade with names like ICICI Bank and Canara Bank seeing huge buying interest. Hopes of an interest rate cut by the Reserve Bank of India continued to spur these stocks.

Meanwhile, most of the Asian markets ended the day sharply higher led by the Shanghai Composite which jumped a huge 5 per cent in trade. The Hang Sang was the other big winner in trade with gains of 2.5 per cent ahead of the crucial FOMC meet.

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