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Sensex jumps 330 points; Nifty reclaims 8,200 ahead of Fed meet outcome

Sensex jumps 330 points; Nifty reclaims 8,200 ahead of Fed meet outcome

The headline indices gained as investors saw recent losses as overdone, even though sentiment was broadly cautious ahead of the US Federal Reserve's policy decision and the Brexit referendum.

BusinessToday.In
  • New Delhi,
  • Updated Jun 16, 2016 9:16 AM IST
Sensex jumps 330 points; Nifty reclaims 8,200 ahead of Fed meet outcomePhoto: Reuters

Snapping four-session long losing streak on Wednesday, the S&P BSE Sensex settled the day 330 points higher, while the broader Nifty50 reclaimed its key 8,200-mark.

The headline indices gained as investors saw recent losses as overdone, even though sentiment was broadly cautious ahead of the US Federal Reserve's policy decision and the Brexit referendum.

The 30-share index ended the day at 26,726, up 330.63 points, while broad-based 50-share index quoted 8,206, up 97.75 points at close.

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The Fed is expected to keep interest rates unchanged, and investors await Chair Janet Yellen's news conference later in the day. The central bank will also issue its updated economic projections.


Meanwhile, Britain is due to hold a referendum next week on whether to exit the European Union.

Still, analysts said shares had now found some support after the Nifty fell 2 per cent in the previous four sessions.

Investors are also hopeful parliament will approve a revamped goods and services tax that would supplant multiple federal and state levies. While support has increased among states, it is yet to achieve a breakthrough.

"At the end of four-five days, most of this weak news may have been priced in and the value-buying may have added strength to the recovery," said Anand James, chief market analyst, Geojit BNP Paribas Financial Services.

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Some of the blue chips that were recently hit recovered on Wednesday. Larsen & Toubro gained 3.38 per cent after declining 3.35 percent over the previous four sessions.

Among other gainers, State Bank of India and some of its associate banks rose after CNBC-TV18, citing government sources, reported that the cabinet might approve the merger of five associate banks with the country's biggest lender.

SBI shares rose 3.90 per cent, while those of State Bank of Travancore and State Bank of Bikaner and Jaipur gained 20 per cent each.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jun 15, 2016 3:48 PM IST
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