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Bull run despite Fed rate hike

  The BSE Sensex vaulted over 1,000 points for the second straight session on Thursday, tracking an overall bullish trend in global equities despite the US Federal Reserve hiking rates and signalling further policy tightening to tame inflation.
A reversal in selling by foreign portfolio investors and sustained recovery in the rupee further boosted domestic equities, traders said.
The BSE benchmark rallied 1,047.28 points to finish at 57,863.93. Likewise, the NSE Nifty surged 311.70 points to 17,287.05.
HDFC was the top gainer, spurting 5.50%, followed by Titan, Kotak Bank, Reliance Industries, Asian Paints, Tata Steel and Maruti.
“Global markets welcomed the Fed decision to hike rates by 25 bps as it was on expected lines. However, the Fed’s projection of another six hikes during the year is hawkish,” said Vinod Nair, Head of Research at Geojit Financial Services.
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