The NSE Nifty rose 81.5 points, or 0.37%, to close at 22,122, off its fresh all-time high of 22,186. The Sensex rose 281.5 points, or 0.39%, to end at 72,708. ICICI Bank, the country’s second-biggest lender by market value, was among the top five gainers.
“We see the market digesting the fact that the anticipated 150-bps rate cut from the US Fed may not happen soon, even though a rate cut can be expected both domestically and globally in the second-half of the year,” said Pankaj Pandey, head of research at ICICIDirect.com.
“There is also comfort in the fact that there is no large sell-off by FIIs now, as seen in previous weeks in the BFSI space.”
Minutes of the last meeting of the US Federal Open Market Committee are set to be published Wednesday.
To be sure, expectations of a rate cut in March have faded and global stakeholders now expect some relief on the cost of funds only after June.The Nifty Financial Services index also gained in line with Nifty, at 0.37%, as Indian banks are set to gain additional weighting on the FTSE All-World index.
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