Sensex erases opening gains, Nifty around 10200 after Fed rate hike

Benchmark equity indices BSE Sensex and NSE Nifty surged almost 1 per cent each in early trade on Friday after exit polls predicted a victory for the ruling BJP in Gujarat.

For the 50-share Nifty, the reading was above the key 10,300-mark at 10,342.55, a gain of 90.45 points, or 0.88%. "GST Council's urgent meeting scheduled on Saturday also keeps market interested, while advance tax numbers could give a leading indication towards corporate performance and growth expectations".

"The markets will react to the Fed hike news, but investors are jittery ahead of the exit polls from Gujarat elections", said Siddhartha Khemka, head of research (retail) at Motilal Oswal Securities.

The rupee soaring to a three-month high at 64.01 against the American currency positively impacted sentiment.

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The equity markets on Friday despite heavy selling in the last hour of trading, managed to close with solid gains.

Foreign portfolio investors (FPIs) net bought shares worth Rs 232.17 crore yesterday.

"Exit polls predictions stating absolute majority for the ruling party in Gujarat and Himachal elections pushed stocks and indices to a higher opening, but the rally stalled thereafter as investors opted to wait for the results next week". Both the indices gained 0.70 per cent during the day. Prominent gainers include Adani Ports, Bajaj Auto, HDFC Bank, L&T and Tata Steel, rising by up to 2.48 percent.