Market on Wednesday | Nifty above 26,200, Sensex jumps 1022 pts on Fed rate cut hopes
The Indian benchmark indices snapped three-day losing streak, with Nifty index finishing above 26,200 tracking positive global markets amid rising expectations of rate cut by Federal Reserve in its December policy meeting.
The falling crude oil prices on possible Ukraine–Russia peace agreement, also added to the positive sentiments.
At close, the Sensex was up 1,022.50 points or 1.21 percent at 85,609.51, and the Nifty was up 320.50 points or 1.24 percent at 26,205.30. BSE Midcap and small-cap indices rose 1.2% each.
Nifty Bank index touched its fresh record high of 59,554.95, closing up 1.2 percent at 59,528.05.
All the sectoral indices ended in the green with media, auto, private bank, oil & gas, power, PSU, realty, consumer durables, pharma metal added 1-2%.
Biggest Nifty gainers included JSW Steel, HDFC Life, Bajaj Finserv, Bajaj Finance, Jio Financial, while Bharti Airtel, Asian Paints, SBI Life Insurance were among top losers.