Indian stocks rally as Sensex jumps 900 points after Fed rate hold
The Sensex surged more than 900 points and the Nifty crossed the 22,900 mark on 29 October after the U. S. Federal Reserve left interest rates unchanged, a move that attracted foreign inflows and revived expectations of a long-term capital-gains tax cut, according to The Economic Times. Earlier in the week Indian equities had been under pressure. The Nifty and Sensex fell over 2 % amid rising oil prices, geopolitical tensions and foreign institutional outflows, with the Nifty sliding to around 22,600 and the Sensex dropping 400-500 points, as reported by The Economic Times and Moneycontrol.
com. On 27 October the Nifty closed slightly lower, facing resistance near its 20-day EMA, and on 28 October it slipped below 22,700 while mid- and small-cap stocks posted modest gains, per Moneycontrol. com. A brief rebound on 28 October saw the Nifty climb above 22,800 before the larger rally on 29 October.