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    Sensex surpasses 60,000 amid gains across sectors as investors digest hawkish central banks

    Sensex surpasses 60,000 amid gains across sectors as investors digest hawkish central banks

    Sensex surpasses 60,000 amid gains across sectors as investors digest hawkish central banks
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    By Sandeep Singh   IST (Published)

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    The Sensex and the Nifty50 made a strong start to the last trading session of the week boosted by buying across sectors.

    Indian equity benchmarks made a strong start on Friday led by buying across sectors, with the Sensex crossing the 60,000 mark, amid strength across global markets as investors digested hawkish comments from the Fed and the ECB's biggest ever hike in key interest rates.
    Both headline indices rose as much as 0.7 percent in the first few minutes of trade. The 30-scrip index gained as much as 431.6 points to touch 60,119.8 — crossing the psychologically important 60,000 level for the first time since August 19. The Nifty50 climbed to as high as 17,926, adding 127.2 points to its previous close.
    Barring HDFC Bank, which edged 0.1 percent lower, all of the Nifty50's constituents started the day in the green. Hindalco, ICICI Bank, mahindra & Mahindra, Tata Motors and Tech Mahindra were the top gainers.
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    Nestle, Tata Steel, Kotak Mahindra Bank, Wipro and Eicher — gaining around one percent each — were also among the blue-chip stocks that rose the most.
    Reliance, ICICI Bank, Infosys and Hindustan Unilever were the biggest contributors to the rise in both main indices.
    SBI shares scaled a record high, gaining by as much as Rs 9.1 or 1.7 percent to an unprecedented Rs 553.8 apiece on BSE.
    "A 75 basis-point rate hike by the Fed on September 21 will not surprise the markets, which now believe sharp increases will not cause a deep recession. That's why the global cues have turned slightly positive," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
    "Even though valuations are getting expensive, investors should remain invested in this strong market. Strong FII buying and short covering can surprise on the upside," he said.
    Overall market breadth was in favour of the bulls, as 2,031 stocks rose and 930 fell on BSE in early deals.
    Global markets
    Equities in other Asian markets began the day stronger following a banking- and healthcare-led rise on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.8 percent at the last count. Japan's Nikkei 225 was up 0.6 percent.
    S&P 500 futures were up 0.3 percent. On Thursday, the three main US indices finished 0.6-0.7 percent higher.
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