Sensex Soars 533 Points On Global Cues; Nifty Tops 18,200

Indian shares rose for the fourth straight session on Wednesday, with strong global cues underpinning sentiment after Federal Reserve Chair Jerome Powell's comments at his Senate confirmation hearing appeared to be less hawkish than expected.

Powell said that the Fed is likely to begin the normalization of monetary policy this year, although he didn't give any hint on the timing of the first rate hike.

Powell added that policymakers were still discussing approaches to shrink the Fed's balance sheet and the move could start later this year.

Also, data showed earlier today that China's consumer and factory-gate inflation growth both eased last month, giving policymakers scope to cut interest rates.

The benchmark 30-share S&P BSE Sensex jumped 533.15 points, or 0.88 percent, to settle at 61,150.04 while the NSE Nifty index climbed 156.60 points, or 0.87 percent, to finish at 18,212.35. The Nifty ended above the 18,200 level mark for the first time since October 27, 2021.

Among the prominent gainers, Hindalco, Reliance Industries, IndusInd Bank, Bharti Airtel and Mahindra & Mahindra jumped 2-5 percent.

Retail inflation and industrial output data are set to be released later in the session. On the earnings front, IT majors TCS, Infosys and Wipro are scheduled to unveil their Q3 results.

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