Sensex Rises Over 100 Points, Nifty Edges Closer To 7,600

BSE Sensex and Nifty were up nearly 0.5 per cent on Thursday on positive global markets after the Federal Reserve gave a positive assessment of the US economy and committed to retaining accommodative monetary policy.

A pull-back in the Indian rupee also aided the sentiment. The domestic currency rose to 59.87 against the dollar as compared to its yesterday's close of 60.39.

However, the gains in the Indian markets were capped on concerns over the impact of rising oil prices on the domestic economy. The broader markets outperformed the frontline stocks with BSE midcap and smallcap indices up nearly 1 per cent.

Gaurang Shah, assistant vice president at Geojit BNP Paribas Financial Services, said he does not see a big downside for the markets. Foreign and domestic investors are buying on dips, he added.

Technical analyst Sarvendra Srivastava says 7,474 is a crucial support level for the Nifty.

Most of the Asian markets were higher today, after the S&P 500 on the Wall Street ended at a record high on Wednesday after the Fed hinted at a slightly faster pace of interest-rate increases starting next year but suggested rates in the long run would be lower than it had indicated previously.

At 9:22 p.m., the Nifty was up 27 points at 7,585, slightly off its day's high of 7599, while Sensex rose 105 points to 25,351.