stock market india
Indian benchmark stock indices rebounded sharply to open in the green on Thursday, breaking a four-day losing streak and gaining momentum from an overnight global equities rally.
The Federal Reserve announced a 75-basis-point interest rate hike to curb inflation, the biggest in more than a quarter of a century, and flagged a slowing economy.
But markets were already pricing in aggressive action that was raising riskier assets and pushing the dollar below two-decade highs.
The 30-stock S&P BSE Sensex opened to trade near 53,116, up over 500 points, and the broader NSE Nifty was up nearly 1 per cent at 15,828.
From the Sensex pack, Reliance, Bajaj Finance, BPCL, Bajaj Finserv and ICICI Bank were the major gainers in early trade, while ONGC, Bharti Airtel, Nestle, Dr Reddy’s Labs and SBI Life Insurance were top losers.
On Nifty 50, heavyweight Reliance Industries was the top gainer, up 2.2 per cent.
Shares of budget carrier SpiceJet fell 2.5 per cent after the company’s managing director said the hike in aviation turbine fuel price was “not sustainable”.
“Early optimism in SGX Nifty with overnight gains in US markets is expected to charge local bulls, following a 75 bps policy rate hike by US Federal Reserve,” said Prashant Taapsee, vice president of research. Mehta Equities
“The softening of WTI crude oil prices may also boost the sentiment, as domestic equities are going through a severe bearish phase due to continuous selling by FIIs (Foreign Institutional Investors) in the past few sessions,” he added.
In a highly volatile session on Wednesday, the benchmark equity index closed in the red, seen between losses and gains, marking losses for four consecutive days.
In fact, the Sensex closed at 52,541.39, down 152.18 points or 0.29 per cent against Tuesday’s level of 52,693.57. The NSE Nifty closed at 15,692.15, down 0.25 per cent from Tuesday’s 15,741.95 points.