BENGALURU: Indian shares rose on Thursday, helped by metals stocks, joining a global equity rally after the Federal Reserve maintained its projection of three interest rate cuts this year.
The blue-chip NSE Nifty 50 index advanced 0.79% to 22,011.95, while the BSE Sensex added 0.75% to 72,641.19.
“The spillover of risk appetite after Fed’s commentary has led to an uptick in global equities including India,” said Ajit Mishra, vice president of research at Religare Broking.
Metals jumped 2.4%, aided by a weaker US dollar after the Fed said on Wednesday it remained on track for three rate cuts in 2024.
A weaker dollar makes metals cheaper for holders of other currencies.. Besides metals, realty and public sector banks climbed 2%-3% on the day, while large-cap stocks including HDFC Bank and Larsen & Toubro added 1%-1.5%, leading gains in the Nifty 50.
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