Sensex Opens Higher As Markets Digest US Fed Rate Hike

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Benchmark indices opened the day higher as global markets surged, following an interest rate hike by the US Federal Reserve.

US markets notched solid gains, and Asian markets breathed a sign of relief as the big event was now largely behind.

The Sensex was trading with gains of 65 points, while the Nifty gained 16 points in trade, as investors shrugged off reports that the GST Bill may not be passed in the winter session of parliament. The rally was largely due to strong global cues.

Sensex Opens Higher As Markets Digest US Fed Rate Hike
Banking stocks continued to find support with ICICI Bank and HDFC Bank among the early gainers. PSU banks which had hit 52-week lows recently, saw a good recovery with Punjab National Bank, Bank of India and Canara Bank among the early gainers.

Shares in Pipavav Defence rallied on reports that the Anil Ambani group has hiked its stake in the company.

State Bank of India was trading higher ahead of the board meeting to raise capital from India or abroad. Midcap stocks also saw buying interest with stocks like IFCI and Union Bank among the top gainers in trade.

Meanwhile, markets across Asia were trading with good gains. The Japanese Nikkei surged more than 2 per cent, while other notable gainers were the Jakarta Composite and the Strait Times.

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Read more about: sensex, nifty, icici bank, hdfc bank, union bank
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