Sensex closes above 59,000 after breaching 60,000 mark during the day, Nifty ends higher than 17,800

Sensex was up 578 points to end the day above 59,000 points, while Nifty closed at 17,816, as indices made a 1% gain. Sensex dropped marginally after breaching the 60,000 point mark during the day, but still ended on a positive note, as pharma, healthcare and consumer durable stocks led the rally.

Global markets retained positivity despite the likelihood of a 75 point interest rate hike by the US Federal reserve. Asian markets also surged with Japanese stocks making gains and China bouncing back from a four-day losing streak. European stock markets also gathered momentum by opening on a positive note, after a soft start to the week.

India’s economy on the other hand continues to outperform most others, thanks to its macroeconomic stability ahead of the US Fed’s imminent rate hike.