Sensex gains 170 points despite US rate hike concerns | business | Hindustan Times
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Sensex gains 170 points despite US rate hike concerns

Market benchmark Sensex rose for a second straight session on Tuesday by gaining 170 points as domestic investors shrugged off a widely anticipated US rate hike, while defensive buying in oil counters offset selling in banking stocks.

business Updated: Dec 15, 2015 18:55 IST
The BSE Sensex rose over 39 points to trade at 25,190.12 in early trade Tuesday.
The BSE Sensex rose over 39 points to trade at 25,190.12 in early trade Tuesday.(File Photo)

Market benchmark Sensex rose for a second straight session on Tuesday by gaining 170 points as domestic investors shrugged off a widely anticipated US rate hike, while defensive buying in oil counters offset selling in banking stocks.

Nifty also reclaimed the 7,700-mark on gains in Reliance Industries and ONGC stocks as crude oil prices recovered from multi-year lows.

Sentiment took a turn for the better after European stocks rose in early trade ahead of the start of a two-day US Federal Reserve meeting, brokers said.

Meanwhile, the rupee recovered from 27-month low by rising 16 paise to 66.93 against the dollar.

The 30-share Sensex after resuming higher at 25,186.68, succumbed to profit-booking and slipped into the negative zone to hit a low of 25,075.54. Later it surged to a high of 25,342.78 before settling 170.09 points or 0.68% higher at 25,320.44.

The gauge had gained 106 points in the previous session.

The 50-share NSE Nifty closed 50.85 points or 0.66% higher at 7,700.90. Intra-day, it hovered between 7,705.00 and 7,625.10.

From Sensex constituents, RIL ended 2.14% higher and ONGC rose 2.06%, supported by a rebound in global crude oil prices from near 11-year lows.

Other gainers included Lupin, HUL, Tata Motors, Bajaj Auto, HDFC, Maruti Suzuki, Hero MotoCorp, Axis Bank, ITC, Bharti Airtel, Infosys, L&T, Sun Pharma and Hindalco.

Sectorwise, BSE consumer durable index gained the most by rising 1.50%, followed by auto (1.31%), FMCG (1.05%), realty (0.93%), oil&gas (0.73%), capital goods (0.50%) and healthcare (0.43%).

The broader markets too remained firm as investors indulged in widening bets and the BSE small-cap index rose 0.69% and while mid-cap gained 0.56%.