Bourses remain bullish despite Fed rate hike, Sensex soars over 1,000 pts for 2nd day in row

Mumbai: The BSE Sensex vaulted over 1,000 points for the second straight session on Thursday, tracking an overall bullish trend in global equities despite the US Federal Reserve hiking rates and signalling further policy tightening to tame inflation.

A reversal in selling by foreign portfolio investors and sustained recovery in the rupee further boosted domestic equities, traders said.

The 30-share BSE benchmark rallied 1,047.28 points or 1.84 per cent to finish at 57,863.93. Likewise, the broader NSE Nifty surged 311.70 points or 1.84 per cent to 17,287.05.

HDFC was the top gainer in the Sensex pack, spurting 5.50 per cent, followed by Titan, Kotak Bank, Reliance Industries, Asian Paints, Tata Steel and Maruti.

Only Infosys and HCL Tech closed lower, skidding up to 1.81 per cent.

During the holiday-shortened week, the Sensex climbed 2,313.63 points or 4.16 per cent, while the Nifty advanced 656.60 points or 3.95 per cent.

Meanwhile, international oil benchmark Brent crude rose 3.97 per cent to $101.91 per barrel.

The rupee spurted by 37 paise to close at 75.84 against the US dollar on Thursday, supported by positive domestic equities and broad dollar weakness.