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Sensex, Nifty open higher

Thursday,   11-Jul-2019   09:34 AM (IST)

Benchmark indices opened gap-up on Thursday after Federal Reserve Chairman Jerome Powell hinted at a possible rate cut later this month. In an appearance before his Congressional overseers on Wednesday, Powell confirmed that the US economy is still under threat and that the central bank stands ready to “act as appropriate”. The benchmark S&P BSE Sensex rose 109 points, or 0.28 per cent, to 38,666, with Tata Steel, Vedanta, YES Bank, State Bank of India, and Powergid among the top gainers. The broader Nifty50 index added 34 points, or 0.3 per cent, to 11,533. All the Nifty sectoral indices were trading in the green, led by Nifty Metal index, up 1.3 per cent. Nifty Realty and Nifty Pharma gained 1 per cent and 0.7 per cent, respectively. In the broader market, the S&P BSE MidCap index added 27 points, or 0.2 per cent, to 14,441, while the S&P BSE SmallCap index climbed 29 points, or 0.2 per cent, to 13,728.