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The S&P BSE Sensex rallied over 300 points on Friday, after the US Federal Reserve held off raising interest rates. The rally in the index was led by gains in HDFC, ICICI Bank, Infosys, Axis Bank, and HDFC Bank.The 50-share Nifty index reclaimed its crucial psychological level of 7950, supported by gains in banks, metal, FMCG, and realty stocks. 

India's rupee, stocks and bonds gained on Friday on rising expectations the Reserve Bank of India will have scope to cut key lending rate later this month now that the U.S. Federal Reserve has kept its interest rates unchanged.The Fed on Thursday cited worries about the global economy as a key factor compelling it to keep its monetary policy unchanged for now.

Traders had feared a rate hike on Thursday would have sparked volatility in emerging markets and kept the RBI from cutting the repo rate for a fourth time this year at its policy review on Sept. 29.