The Sensex rose over 850 points in early trade on Thursday, after a robust rebound in global markets following the US Fed’s decision to hike interest rates. Furthermore, additional foreign fund inflows and relatively low crude oil prices aided local equities, according to traders.

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The 30-share Sensex was up 846.31 points, or 1.49%, at 57,662.96, while the broader Nifty was up 236.80 points, or 1.39%, at 17,212.15.

The Sensex’s components were all in green. HDFC led the Sensex pack with a 3.14% rise, followed by Axis Bank, Asian Paints, Kotak Bank, IndusInd Bank, HDFC Bank, ICICI Bank, and Bajaj Finance.

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The 30-share index rose 1,039.80 points, or 1.86%, to 56,816.65 in the previous session. Similarly, the NSE Nifty rose 312.35 points, or 1.87%, to 16,975.35.

Hong Kong, Seoul, and Tokyo bourses all rose in mid-session trade, but Shanghai fell.

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The US stock market finished with substantial gains overnight after the US Federal Reserve hiked interest rates for the first time since 2018. The Fed also stated that more rate rises would be needed to combat inflation. The US Federal Reserve approved a 0.25% hike in interest rates on Wednesday.

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“The Fed raising rates by 25 bp was on lines of market expectations. Fed’s projections of another six hikes this year is hawkish and, therefore, the smart rally in markets with S&P 500 and Nasdaq posting 2.24 per cent and 3.17 per cent up moves respectively was a bit unexpected,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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According to market statistics, foreign institutional investors were net purchasers on Wednesday, buying shares worth Rs 311.99 crore.

Brent crude, the international oil benchmark increased 0.86% to USD 98.86 per barrel. In early trade, the rupee advances 27 paise to 75.94 against the US dollar.