Markets eke out gains ahead of US Fed rate decision; banking stocks rise

The latest crisis in the banking industry has sparked hopes that the Fed will apply brakes on interest rate hikes even as inflation remains stubbornly high

Stock markets gained slightly as investors around the world shifted focus to the US Federal Reserve’s rate decision after the conclusion of a two-day meeting of the Federal Open Market Committee.

The ongoing crisis in the banking sector sparked hopes that the US Fed would apply the brakes on interest rate hikes even though inflation remained stubbornly high. The S&P BSE Sensex ended the session at 58,214, with a gain of 140 points or 0.24 per cent. The Nifty, on the other hand, ended the session at 17,152, up 44 points, or 0.3 per cent.

Banking stocks rose as steps to stabilise