Indian stocks rise sharply thanks to widespread buying; Nifty on track to reach new record

(RTTNews) – Indian stocks are up sharply on Thursday morning, with investors making frantic buys almost everywhere, drawing inspiration from Wall Street where stocks rose overnight despite the Federal Reserve’s somewhat hawkish stance .

The Fed has hinted that reducing its asset purchases could begin in the near future amid continued progress towards its targets for maximum employment and price stability.

The Fed said a “moderation in the pace of asset purchases may soon be warranted” if progress towards its dual goals continues broadly as planned.

In his post-meeting press conference, Fed Chairman Jerome Powell said the central bank could start cutting asset purchases as early as its next meeting in early November.

Markets are ignoring concerns about the debt problems of Chinese real estate giant Evergrande and appear to be betting on a strong economic rebound after the pandemic.

Real estate stocks are in demand again. Banks, FMCGs, Energy and Metals are on the rise with solid gains. Capital goods and consumer durables stocks are also doing well, while information technology and healthcare stocks show mixed performance.

The 30-stock BSE Sensex benchmark is up 597.23 points or 1.01% to 59,524.56, while the larger 50-stock Nifty index of the National Stock Exchange is up 176. 80 points or 1.01% at 17,723.45.

Indian coal is up almost 4%. Tata Motors, Axis Bank, State Bank of India, IndusInd Bank, ICICI Bank, HDFRC Bank, Bajaj Finserv, ONGC, Grasim Industries, Hindalco, Grasim Industries, Larsen & Toubro and Reliance Industries gain 1.5 to 3%.

Infosys is slightly higher after the company announced a strategic collaboration with Amazon Web Services to develop quantum computing capabilities and use cases. As per the agreement, Infosys will use Amazon Braket to explore and create multiple quantum computing use cases as part of the Infosys Cobalt cloud offerings.

Bharti Airtel said in a regulatory filing that its Rs 21,000 crore rights issue would open on October 5. The company has set September 28 as the registration data for the allocation of rights in the show. The action is up slightly.

Kalpataru Power Transmission Limited shares rose 2.3% after the company won an arbitration award of around Rs 236 crore against the Rwanda Energy Group.

Shares of Mphasis Ltd rose 1.8% after the company announced the acquisition of Seattle-based research, strategy and design firm Blink UX in a cash deal worth of about $ 94 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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