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KUALA LUMPUR: The ringgit rebounded to end higher against the US dollar today as investors shifted their focus away from the greenback ahead of the United States (US) interest rate decision on Wednesday, said an economist.
Today's gains come on the back of buying in strong index heavyweights, a rise in Asian peers, as well as hopes of a US Fed rate cut and a populist budget due later this week. The BSE Sensex soared 896 points to 71,637.61 while the Nifty50 jumped 291 points to 21,429.60.
Indian headline indices opened in the green on gains in bank stocks and tracking positive cues from global markets. The top gainers were ONGC, Adani Enterprises, SBI Life, HDFC Bank, and Sun Pharmaceuticals. The top losers were Cipla, Dr Reddy's Laboratories, Bajaj Auto, ITC, and Divi's Laboratories. HDFC Bank stock rose nearly 2% after the banking regulator allowed LIC to up its ownership. Most major Asian indices were trading positive after the China regulators took new steps to support the market.
The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent.
FPIs started the new year with a cautious approach opting to book profits in the Indian equity markets as they touched all-time high levels.