Sensex, Nifty likely to extend gains on Fed rate hike; ONGC in focus today

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New Delhi | Updated: December 17, 2015 8:47:27 AM

The BSE Sensex and NSE Nifty are likely extend gains for the fourth trading session on Thursday tracking firm global markets

BSE, BSE Sensex, NSe Nifty, Jyoti StructuresThe BSE Sensex and NSE Nifty are likely extend gains for the fourth trading session on Thursday tracking firm global markets (Photo: Reuters)

The BSE Sensex and NSE Nifty are likely extend gains for the fourth trading session on Thursday tracking firm global markets as investors chose to take an historic hike in US interest rates as a mark of confidence in the world’s largest economy, lifting the dollar and piling on the pain for oil prices.

The Federal Reserve’s 25 basis point increase comes after almost a decade.  SGX Nifty was also trading 0.39 per cent, 30.50 points, up at 7790.50 at 8.30 am (IST).

Asian peers, Hang Seng, Nikkei and Shanghai were trading higher 1.16 per cent, 2.29 per cent and 1.78 per cent, respectively.

On Wall Street, the Dow ended Wednesday with gains of 1.28 per cent, while the S&P 500 rose 1.45 per cent and the Nasdaq 1.52 per cent.

Back home, domestic equity markets closed in green on Wednesday on account of buying in front line blue chip stocks. Sensex closed 173.93 points up at 25,494.37, while Nifty closed 50 points up at 7,750.90.

Shares of ONGC and Bhushan Steel will remain in focus on Thursday. The Cabinet approved ONGC Videsh buying 15 per cent stake in Russia’s Vankor oilfield for $1.26 billion, the first oil deal since the Narendra Modi-led government came to power. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), will get 4 million tonnes of oil and oil equivalent gas for the stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

The National Green Tribunal on Wednesday allowed Bhushan Steel and Strips Ltd’s Sahibabad plant in Uttar Pradesh, which had been ordered to be closed for polluting the environment, to operate for three weeks.

(With agency inputs)

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