Sensex hits bump ride,still higher by 116 points

Mumbai: The market hit a speed bump today as the Sensex traded at 29,514, still up 116 points, propped up by metals, industrials and capital goods amid rising Asian cues.

In line with expectations, the Federal Reserve raised the benchmark interest rate by a quarter percentage point, but offered a more dovish outlook for future hikes. Foreign money into Indian equities continued unabated.

After a higher opening, the Sensex stayed between 29,614.79 and 29,482.83, before quoting at 29,514.48 at 1222 hours, up 116.37 points, or 0.40 per cent. The broader NSE came off its life high of 9,152.90 while trading up by 45.40 points, or 0.50 per cent, at 9,130.20 at 1222 hours.

Adani Ports stayed ahead with a 4.07 per cent gain. Tata Steel was up 2.81 per cent, Asian Paints 1.57 per cent, Infosys 1.17 per cent and NTPC 1.17 per cent. Foreign funds bought a massive net Rs 1,141,13 crore yesterday, according to provisional data.

Asian markets followed US stocks higher as the Federal Reserve raised rates without accelerating its timeline for future tightening after it said the benchmark federal-funds rate will be raised to a range of 0.75 per cent and 1 per cent. US stocks gained the most in two weeks yesterday.