(From Trade Representative)
Mumbai: Before the start of the meeting of the US Federal Reserve, some measures taken to resolve the crisis in the banking sector and the optimism that the Federal Reserve will avoid interest rate hikes led to an improvement in the global market, which also saw an improvement in the domestic equity market.
However, gains were limited as selling pressure increased in IT stocks amid cautious sentiment in the IT sector amid a weak response from the West. Index heavyweight Reliance Industries rose 3.11 percent, while TCS lost 1.12 percent. The recovery in global markets was also reflected in the domestic market as the US banking crisis was given temporary relief following the fast-tracking of the proposed takeover of troubled Credit Suisse by UBS and the Sensex advanced 445 points, while the Nifty managed to touch above 17,100.
HDFC Life, Reliance Industries, Bajaj Finance, Bajaj Auto and SBI Life Insurance were among the top gainers on the Nifty, while top performing stocks included HUL, Power Grid Corp, Britannia Industries, Tech Mahindra and TCS. . Midcap and smallcap indices rose by 0.5 percent as the take was broad.
