Dovish US Fed Comments See Sharp Rally in Sensex, Nifty

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    Benchmark indices zoomed in trade as the US Fed turned more dovish with regards to interest rates, despite dropping the term "patient" with regards to interest rate hikes in the US.

    Dovish US Fed Comments See Sharp Rally in Sensex, Nifty
    Indices
    The Sensex was trading with gains of 332 points, while the Nifty rallied 94 points in trade. Leading the set of gainers from the Nifty and Sensex were Gail which jumped a huge 3 per cent. Other notable winners were Axis Bank, Sun Pharma, Larsen and Toubro, HDFC, ICICI Bank, Hindustan Unilever and Hindalco.

    The only loser in trade today was NTPC from the Nifty stocks.

    Oil India gained ground in trade after Kotak upgraded the stock to a buy. The stock was up 2 per cent in trade.

    Shares in Cairn India gained ground after there was a sharp rise in the price of crude oil. Cinema company, PVR saw a jump in its share price after reports that the company was tying up with Vatika Group for 26 Cinema screens in Gurgaon, Jaipur & Ambala.

    Meanwhile, markets in Asia jumped sharply following the dovish statements from the US Fed. However, the Japanese Nikkei and the Shanghai Composite bucked the trend and were trading lower.

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