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The US Federal Reserve's statement that interest rates will be kept near zero for the next two years brought some cheer to the Indian markets on Wednesday. After two consecutive sessions of both the Sensex and the Nifty closing in red, the indices moved into the green.
The Sensex closed at 17,130.51, up 272.60 points over its previous close. The Nifty closed at 5,161, up 88.15 points.
“The markets have been entirely driven by short covering. They have been up today mainly because of the statement from the US Federal Reserve. This means there will be easy money available for the next couple of years. Also, there has been a lot of value buying in the market,” said Mr Jagannadham Thunuguntla, Strategist & Head of Research, SMC Global Securities.
The top performing sectors were Auto, Realty and Consumer Durables, which were up 4.17 per cent, 2.98 per cent and 2.61 per cent respectively.
FIIs were net buyers at Rs 152.87 crore on both the exchanges, and domestic institutions at Rs 289.95 crore. On the BSE, retail investors were net buyers for Rs 29.63 crore.
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