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Sensex gains strength after Fed rate hike; Nifty reclaims 10,200

Benchmark indices opened flat amid weak global cues after the US Federal Reserve raised rates and 2019 GDP projections.

The 30-share BSE Sensex was up 14.98 points at 33,151.16 and the 50-share NSE Nifty gained 6.30 points at 10,161.60.

Nagarjuna Fertilisers, NFL, FACT, Chambal Fertilizers, HOEC, SPARC and VA Tech Wabag gained up to 5 percent.

Balrampur Chini, Idea Cellular, Canara Bank and Union Bank were under pressure.

ICICI Securities has opened its initial public offering 7,72,49,508 equity shares for subscription. The company has fixed issue price band at Rs 519-520 per share.

The subsidiary of country's largest private sector lender ICICI Bank has raised Rs 1,717.25 crore from anchor investors on Wednesday, the day before issue opens.

Reliance Industries, L&T, Tata Motors, Vedanta, ONGC, Bharti Infratel, Eicher Motors, Sun Pharma and ITC gained up to 2 percent.

SBI, ICICI Bank, BPCL, Wipro, HPCL, NTPC, TCS, Axis Bank and Mahindra & Mahindra were under pressure.

The rupee rose 10 paise against the US dollar to 65.10 at the interbank forex market amid weakness in the greenback after the US Fed raised benchmark lending rate by 25 bps.

The dollar extended losses overseas after the US Federal Reserve stuck to its target for interest rate hikes this year. The central bank's Chairman Jerome Powell forecast a steeper path of rate hikes in 2019 and 2020, citing improving economic outlook.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647

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