Street @ 10:30 am: Nifty Bank Hits New ATH, Surpasses 44,000, Sensex Up 220 Pts

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Street @ 10:30 am: Nifty Bank Hits New ATH, Surpasses 44,000, Sensex Up 220 Pts
Credit: © Reuters.

By Malvika Gurung -- The domestic market made a positive opening on Wednesday ahead of the US FOMC’s two-day policy meeting’s results announcement later in the day, along with the Fed’s economic projections/outlook and Chair Jerome Powell’s press conference.

At the time of writing, the equity benchmark indices Nifty50 traded 0.32% higher and Sensex gained 218.82 points. Nifty Bank hit a new all-time high for the second consecutive session on Wednesday, jumping to a record high of 44,099.15 points and exceeding the 44,000 mark.

A softer-than-anticipated US CPI inflation for November at 7.1% compared to the Street’s expectation of 7.3% on an annual basis boosted sentiments and hopes that the Fed could pull back from aggressive rate hikes at its December policy meeting.

All sectoral indices under the Nifty umbrella barring Nifty FMCG traded in the green on Wednesday, led by Nifty Media and Nifty Realty . The market volatility barometer India VIX fell almost 2%.

The Indian rupee traded at 82.64 against the US dollar after closing at 82.37/$1 on Tuesday. 

Gains on Nifty were led by NTPC (NS: NTPC ), Eicher Motors (NS: EICH ), Hindalco (NS: HALC ) and PowerGrid Corporation (NS: PGRD ), while heavyweights including Nestle (NS: NEST ) India, Bharti Airtel (NS: BRTI ) and M&M (NS: MAHM ) led the losses. 

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