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Sensex Ends Higher As Markets Discount US Fed Rate Hike


Benchmark indices ended the day higher, as global markets rallied after the US Fed hiked interest rates, which was largely on expected lines.

Sensex Ends Higher As Markets Discount US Fed Rate Hike
The tone of the US Fed sounded dovish, with interest rate hikes to be done in a very calibrated manner. This led to a spike in global markets, with the Indian markets following.

The Sensex ended the day higher by 309 points, while the Nifty ended the day higher by 86 points. Leading the set of gainers were metal stocks led by Tata Steel, Hindalco and Vendata, which ended as the top gainers from the Nifty.

Apart from this heavy weight stocks like Infosys and Reliance Industries, banking stocks like State Bank and ICICI Bank also gained ground.

ONGC ended the day lower as crude oil prices continued to fall. Lupin, ITC and Maruti continued to be subdued in trade seeing very little gains.

Among the non index stocks Anuh Pharma gained after the company said that it received WHO prequalification for anti-malarial drug Sulfadoxine.

Deccan Gold Mines also jumped after reports that the company has started drilling operations at Karnataka.

Midcap stocks were on a roll with the index ending the sharply higher. Bata India jumped almost 3 per cent, while J P Associates jumped 4 per cent and India Cements up 4 per cent.

Meanwhile, markets across Europe were trading with gains of more than 2 per cent, following the US Fed move.

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