Markets Open Higher Ahead Of US Fed Statement; Sensex Above 28,000 Pts

Benchmark indices opened the day higher ahead of the US Federal Bank statement due later today, after the conclusion of a 2-day policy meet. It is widely expected that the US Fed would hold interest steady.

The Sensex was trading with gains of 91 points, while the Nifty rallied 37 points in trade. The Sensex was now well above the 28,000 points mark at 28,061 points.

Leading the gainers in trade were stocks like Tata Motors and Zee. Shares in Dr Reddy's were the biggest losers crashing a huge 10 per cent in trade.

Shares in India's largest housing finance company, HDFC were trading with marginal gains ahead of its results to be declared later today.

The biggest gainers in trade continued to be the banking stocks on hopes that there would be an economic recovery. Among the stocks that gained were ICICI Bank and State Bank of India
PSU Banking stocks also saw good traction with stocks like Allahabad Bank, Punjab National Bank and Syndicate among the gainers.

Meanwhile, the rupee opened at 67.28 and was largely flat over Tuesday's close.

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