Indian shares rise after US Fed comments

Indian shares rose 1.0 per cent on Thursday, tracking broader Asian markets that rallied after the US Federal Reserve chairman’s comments.

Asian stocks tracked a surge on Wall Street, after Fed Chairman Jerome Powell suggested the central bank may be nearing an end to its three-year rate tightening cycle, boosting interest in riskier assets.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.85 per cent, reports Reuters.

A sharp rise in the rupee to a three-month high against the dollar also added to the positive sentiment.

The partially convertible currency was at 69.8975 per dollar after touching 69.88 earlier, its strongest level since Aug. 27.

Investors are also awaiting the release of India’s gross domestic product (GDP) data for the September quarter on Friday.

The broader NSE index was up 0.92 per cent at 10,827.55 as of 0622 GMT, while the benchmark BSE index rose 1.0 per cent to 36,075.45.

Most metal stocks advanced after base metal prices rose in the wake of Fed comments. Nifty metal index rose up to 2 per cent.

Hindalco Industries Ltd, the top percentage gainer on the NSE index, rose as much as 3.9 per cent.

Copper and aluminium producer Vedanta Ltd gained nearly 4.0 per cent.

Among the gainers, shares of technology firm Vakrangee Ltd hit the upper circuit after rising as much as 4.96 per cent.

However, shares of Yes Bank Ltd plunged to their lowest in more than two-and-a-half years. Stock was the top loser on the indexes, falling as much as 9.5 per cent.