Indian equity benchmark indices opened on an upbeat note on Thursday with Nifty above 17,200 as global markets rallied after US Fed's first interest rate hike in three years was announced late night on Wednesday.

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NSE

At 09:16 am, the Sensex was up 819.79 points or 1.44 percent at 57,636.44, and the Nifty was up 227.90 points or 1.34 percent at 17,203.20. About 1,676 shares have advanced, 331 shares declined, and 66 shares are unchanged.

All Sensex-30 shares opened in green with HDFC, Axis Bank, Ultractech Cement, Asian Paints, Bajaj Finance, IndusInd Bank, ICICI Bank, HDFC Bank, Kotak Bank and SBI leading the pack, up to 3 percent higher.

In the broader markets, the BSE MidCap and SmallCap indices were also in the positive territory, up to 1.3 percent higher.

All sectoral indices were trading in the green as well with Nifty Financial Services up over 2 percent. Nifty Bank was up 1.87 percent, while FMCG, IT, Media, Metal and Pharma were up in the range of 0.61-0.90 percent.

Global stocks

Japan and Hong Kong led a jump in regional stocks on Thursday, joining a rally on Wall Street overnight as potential risks from Federal Reserve monetary tightening to the Ukraine war and a slowdown in China became less murky.

Meanwhile, investor concerns about a sharp slowdown for China, which is battling a spreading Covid-19 outbreak with ultra-restrictive measures, were assuaged on Wednesday after Vice Premier Liu He signalled more stimulus to support markets.

Crude oil ticked higher on Thursday after the International Energy Agency (IEA) said a decline in oil demand due to higher prices would not offset a shut-in of Russian oil supplies, but not enough to offset the declines of the previous day.

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