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Banks, Tech, RIL power Sensex to 3-month high: Factors that led to the rally

All sectoral indices traded in the green. IT, financials, metals and realty were up 1-2 percent each and the BSE midcap and smallcap indices, too, gained

July 28, 2022 / 04:19 PM IST
Stock Market, Share Market

Stock Market, Share Market

The Indian equity benchmarks posted healthy gains on July 28 on strong global cues after the US Federal Reserve raised interest rates by 75 bps and chairperson Jerome Powell brushed aside talk of a recession.

At close, the Sensex was up 1,041.47 points, or 1.87 percent, at 56,857.79, while the Nifty was up 287.80 points or 1.73 percent at 16,929.60.

"I do not think the US is currently in a recession," Powell said after the end of the US central bank's latest policy meeting, citing an unemployment rate that is still near a half-century low and solid wage growth and job gains. "It doesn't make sense that the US would be in recession," a Reuters report quoted him as saying.

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