Sensex, Nifty Snap Two-day Losing Streak

(RTTNews) - Indian shares rose notably on Thursday following two consecutive sessions of declines.

Despite a hawkish update from the Fed, investors remained hopeful that the U.S. central bank will likely initiate rate cuts as early as March this year.

The benchmark S&P BSE Sensex jumped 490.97 points, or 0.69 percent, to 71,847.57, snapping a two-day losing streak as investors looked ahead to the release of corporate earnings results for the October-December quarter.

The broader NSE Nifty index settled 141.25 points, or 0.66 percent, higher at 21,658.60.

IndusInd Bank, ONGC, NTPC, Tata Consumer Products and Bajaj Finance jumped 3-4 percent in the Nifty pack, while Hero MotoCorp, HCL Technologies, LTIMindTree, BPCL and Dr Reddy's Laboratories fell 1-2 percent.

BEML rallied 3.2 percent and Jupiter Wagons soared 5 percent after winning contracts worth Rs 802 crore for procurement of military equipment from the Defense Ministry.

Property developers were on a roll, with Sobha rallying nearly 16 percent after Motilal Oswal Financial Services said the stock is one of its top picks for 2024.