Indian shares rebound on boost from banks, automakers; Fed in focus
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BENGALURU - Indian shares rose more than 1% on Wednesday, with banking and automobile stocks leading the rebound in broad-based buying, as investors awaited the U.S. Federal Reserve's policy decision.
The blue-chip NSE Nifty 50 index rose 1.39% to 16,894.25 by 0351 GMT and the benchmark S&P BSE Sensex gained 1.48% to 56,601.68.
The Fed's two-day meeting will end later in the day, where the central bank is widely expected to raise its benchmark overnight interest rate by a quarter of a percentage point.
Domestic investors will be keeping a close eye on the Fed's tone and commentary and what it would mean for emerging economies.
So far this year, a combination of overvaluation fears, consistent selling by foreign investors, a miss on economic growth estimates and the Russia-Ukraine conflict has pushed both the Nifty and Sensex down 2.8% each.
In Mumbai trading on Wednesday, all the major sub-indexes were up, with the Nifty Bank Index and the Nifty Auto Index adding 1.93% and 1.71%, respectively.
Food delivery firm Zomato gained as much as 4.5%, a day after a report said it had reached a merger agreement with instant-delivery startup Blinkit.
Broader Asian markets were higher, helped by a rebound in battered Chinese stocks. [MKTS/GLOB]
