Markets live: Nifty hits record high, Sensex surges a day after Fed’s policy meet

A road sign is seen next to Bombay Stock Exchange (BSE) building in Mumbai August 22, 2013. The Indian rupee fell past 65 to the dollar to a record low on Thursday, after Federal Reserve minutes hinted that the U.S. was on course to begin tapering stimulus as early as next month and as foreign investors become sellers of Indian stocks. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS)

The Nifty 50 Index hits a fresh record high of 9,143 points, up 0.65% or 56.60, while the benchmark Sensex index surged past its two-year high to 29,583.45, up 0.7% or 194.37 points, after the US Federal Reserve raised interest rates without accelerating its timeline for future tightening.

The Fed raised interest rates by 25 basis points and continued to project two more increases this year, signalling more vigilance as inflation approaches its target. “The recent US rate hikes could mark the beginning of a significant shift in the global interest rate environment, with benchmark US policy rates settling higher over the long term than current market expectations,” according to Fitch rating.

The rating agency expects a total of seven hikes in 2017 and 2018, bringing the policy rate to 2.50%. The US central bank estimates two more rate hikes in 2017.

Indian investors had already factored in a interest rate hike post Federal Open Market Committee (FOMC) meet in March and expected positive sentiment post Bharatiya Janata Party’s (BJP) win in Uttar Pradesh to continue fuelling the market rally.

1.40pm: The Nifty 50 rises 53 points, or 0.59%, to 9,138, BSE Sensex trades higher by 146 points, or 0.50%, to 29,544.

12.37pm: The Nifty 50 rises 47 points, or 0.52%, to 9,132, BSE Sensex trades higher by 117 points, or 0.40%, to 29,516.

12.15pm: Engineers India Ltd shares rise 2% to Rs 153.30 after the company announced interim dividend of Rs 2.5 a share.

12.05pm: Reliance Capital Ltd shares rise 4.5% to Rs581.40 after the company said Reliance General Insurance to separate retail health insurance operations.

11.55am: Larsen & Toubro Ltd shares rise 1% to Rs 1,565 after the company said its arm Larsen Electrical won Rs 500 crore order from Qatar rail.

11.50am: The Nifty 50 rises 46 points, or 0.51%, to 9,131, BSE Sensex trades higher by 131 points, or 0.45%, to 29,530.

11.30am: Ashoka Buildcon Ltd shares rise 5.6% to Rs196.45 after the company said its arm Ashoka Concessions Ltd has submitted bid of Rs1,190 crore for National Highways Authority of India project.

11.15am: Metal stocks trade higher. Jindal Steel & Power Ltd shares rose 4.2%, Steel Authority of India shares 4.1%, JSW Steel Ltd shares 3.7%, Tata Steel Ltd shares 3%, Hindustan Zinc shares 2.6%, Vedanta Ltd shares 2.6%, Hindalco Industries Ltd shares 2.1%, National Aluminum Corp. shares 1.5%, NMDC shares 1.2%.

11.10am: Jewellery stocks trade higher. PC Jeweller Ltd shares rise 7.3%, Titan Co Ltd shares 1.7%, Gitanjali Gems Ltd shares 3.4%, Tribhovandas Bhimji Zaveri Ltd shares 4.4%.

11.00am: Cadila Healthcare Ltd shares fall 1.5% to Rs442.60 after ET reported that its Baddi facility gets Form 483 with three observations.

10.55am: Suzlon Energy Ltd shares rise 7.3% to Rs18.30 after huge block deal. Around 4 million shares of the company changed hands in two block deal, according to Bloomberg report. However, details of the buyers and sellers were not known.

10.47am: BSE Sensex trades higher by 166 points, or 0.56%, to 29,564, while the Nifty 50 rises 59 points, or 0.64%, to 9,143.

10.40am: Anil Ambani group companies trading higher. Reliance Capital rose 3.5%, Reliance Infrastructure Ltd 1.6%, Reliance Power Ltd rose 1%, Reliance Defence and Engineering Ltd rose 1.3%.

10.30am: Transport Corp of India Ltd rose 5.6% to Rs 235. The stock gained for the third sessions. So far this year it gained over 57%.

10.15am: Mandhana Industries Ltd hit 5% lower circuit for the sixth consecutive sessions and it fell over 26% in this period. So far this year it fell 41%. Mandhana Retail Ventures Ltd gained for the seventh consecutive sessions and surged 29% in this period. The stock rose 4% today and so far this year it gained 18%.

10.07am: BSE Sensex trades higher by 196 points, or 0.67%, to 29,595, while the Nifty 50 rises 64 points, or 0.71%, to 9,149.

10.00am: United Spirits Ltd fell 1.3% to Rs 2237.75 after rating firm CLSA has downgraded the stock to sell and kept its target price to Rs 2100 a share.

9.55am: Vedanta Ltd shares rise 2.6% to Rs262.30, Cairn India Ltd shares rise 2.3%, Hindustan Zinc Ltd shares rise 2.8%. According to Financial Times report Anil Agarwal on Wednesday launched an audacious raid to buy as much as 12% of Anglo American, the London-listed miner which is a larger rival to his Vedanta Resources.

9.50am: Coromandel International Ltd rose 2.6% to Rs 323.75 after ET reported that the company is in talks to buy Nagarjuna Fertilizers.

9.40am: Adani group stocks trading higher. Adani Ports rose 3.3%, Adani Enterprises Ltd rose 1.7%, Adani Power Ltd rose 1.4%.

9.30am: HCL Technologies Ltd shares rise 2% to Rs856.95 after the company said its board to meet on 20 March to consider buy-back of shares.

9.28am: BSE Sensex trades higher by 193 points, or 0.66%, to 29,592, while the Nifty 50 rises 57 points, or 0.62%, to 9,141.

9.15am: The rupee opened at 65.39 a dollar and touched a high of 65.24, a level last seen on 30 October 2015. At 9.15am, the home currency was trading at 65.25, up 0.65% from its previous close of 65.82.

9.10am: The 10-year bond yield was trading at 6.773%, a level last seen on 2 February, compared to its Wednesday’s close of 6.827%. Bond yields and prices move in opposite directions.

9.00am: Among Asian currencies, South Korean won was up 0.1%, Taiwan dollar 0.47%, China renminbi 0.29%, Malaysian ringgit 0.24%, Philippines peso 0.22% and Indonesian rupiah 0.22%. However, China offshore was down 0.36%, Singapore dollar 0.26% and Thai baht 0.09%.