Indian shares rise after Fed hikes rates as expected
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BENGALURU - Indian shares jumped about 1% on Thursday after a four-session slide, with financials leading the recovery after the U.S. Federal Reserve hiked rates as expected to control rising inflation.
The NSE Nifty 50 index pared initial gains and was up 0.8% at 15,814.5, as of 0358 GMT, while the BSE index rose 0.8% to 52,996.9.
The U.S. central bank on Wednesday approved its biggest interest rate hike since 1994 and projected a slowing economy and rising unemployment in the months to come.
The 75-basis-point move was already factored in by the market after hot inflation data last week spooked investors, sending the NSE index down 3% so far this week.
After the Fed rate hike, financials and banking stocks gained with the NSE Bank index up 1%.
On the Nifty 50, heavyweight Reliance Industries was the top gainer, rising 2.2%.
Shares of budget carrier SpiceJet fell 2.5% after the company's managing director said the hike in aviation turbine fuel price was "not sustainable".
