Sensex jumps 300 pts, Nifty tops 11,750 ahead of US Fed outcome

NEW DELHI: The bulls were in charge on D-Street today as hopes that the US Federal Reserve would open the door to future rate cuts at its policy meeting later in the day buoyed investor spirits.Meanwhile, the reports of US-China talks next week also gave a shot in the arms to the markets across the globe and India was no exception. Trump said on Tuesday that teams from the two sides would begin preparations for the leaders to sit down at the G20 summit in Osaka. China, also confirmed the get-together.Japan’s Nikkei rose 1.5 per cent and South Korea's Kospi 1.1 per cent. Foreign portfolio investors (FPIs) bought Rs 31.73 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 181.03 crore. Much in line with the overall mood, the rupee on Wednesday opened 14 paise higher at 69.55 against the American as the dollar weakened ahead of the FOMC outcome. “Fed governor commentary is expected to remain dovish and that could keep the greenback under pressure. Today, USDINR pair is expected quote in the range of 69.40 and 70.05-70.20,” brokerage firm Motilal Oswal Financial Services said.Foreign portfolio investors (FPIs) bought Rs 31.73 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 181.03 crore. At around 9:30 am, the 30-pack Sensex 287 points or 0.74 per cent higher at 39,333. The NSE Nifty was up 85 points or 0.73 per cent at 11,776 with 45 stocks in the black. 69851132 In the Sensex pack, barring HeroMoto Corp (down 0.62 per cent) all other 29 stocks traded higher.Tata Steel was the biggest gainer, up 3.65 per cent. Kotak bank, Tata Motors, Axis Bank, L&T and RIL were other gainers, rising over 2 per cent.BSE Midcap and BSE Smallcap too traded on an upbeat note, gaining 0.50 per cent and 0.42 per cent respectively.On the sectoral front, BSE Metals was the top gainer, up 1.85 per cent led by gains Tata Steel and Vedanta.

from Economic Times http://bit.ly/2Rk8a6y