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Sensex rallies 163 points on US Fed minutes findings

Mumbai: Markets today climbed higher as the US Fed minutes showed that there is still no unanimity among policymakers over inflation outlook and the pace of interest rate increase, if any, going ahead.

The minutes of the previous US Federal Reserve meeting on June 13-14 again brought to the fore lingering doubts about the strength of the revival in the US economy and its ability to withstand a hike in borrowing costs.

For emerging economies, including India, this meant investors are not going to pull out foreign capital any time soon.

The 30-share benchmark Sensex resumed higher and hit 31,408.80 at 1118 hours, up 163.24 points, or 0.52 per cent.

The 50-share NSE Nifty was also up 41.40 points, or 0.43 per cent, at 9,679 at 1118 hours.

Counters of realty, FMCG, banking and capital goods saw heightened pace of activity despite lower Asian cues.

SBI stayed ahead with a gain of 2.62 per cent. ITC rose 2.01 per cent and Asian Paints 1.16 per cent.

Most Asian stocks declined over fears of possible consequences of North Korea firing a missile earlier this week.

In the US, stocks ruled mixed amid a disappointing manufacturing report and a tumble in crude futures.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 227.57 crore yesterday, as per provisional data.

PTI