Indian Equities Rebound on Thursday After Fed Rate Cut

MT Newswires Live12-11

Indian equities ended higher on Thursday, snapping a three-day losing streak, after sentiment improved following the US Federal Reserve's widely expected 25-basis-point rate cut.

The Fed also signaled one more cut next year, while a moderation in the U.S. dollar and bond yields supported risk appetite and lifted domestic market sentiment.

At close, the BSE Sensex rose 426.86 points, or 0.5%, to 84,818.13, while the NSE Nifty 50 gained 140.55 points, or 0.6%, to 25,898.55.

Adani Enterprises (NSE:ADANIENT, BOM:512599) led the gainers with a rise of over 3%, followed by Eternal (NSE:ETERNAL, BOM:543320) and Jio Financial Services (NSE:JIOFIN, BOM:543940).

Asian Paints (NSE:ASIANPAINT, BOM:500820), Bharti Airtel (NSE:BHARTIARTL, BOM:532454) and Oil and Natural Gas Corp. (NSE:ONGC, BOM:500312) were the top laggards.

In corporate developments, Supreme Infrastructure India (NSE:SUPREMEINF, BOM:532904) secured a 713.1-million-rupee letter of intent from BSS Property Ventures and Rajeshwar Property Ventures for excavation and shore-piling works at One Forest Avenue in Powai, India.

GK Energy (NSE:GKENERGY, BOM:544525) received a 3.67-billion-rupee letter of award from Maharashtra State Electricity Distribution Company for 13,239 off-grid DC solar photovoltaic water pumping systems across Maharashtra, India, to be executed within 60 days from the work-order issuance.

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