EEB Sensex It is Nifty50 increase in initial trade! Dalal Street resumed its party on Thursday, with benchmark indices rising in early trading, supported by a dovish stance on the part of the US Federal Reserve This has fueled hopes of rate cuts from the US central bank in the coming months.
At 9:24 am, the BSE Sensex was up over 650 points at 70,238, an increase of 0.94%. Nifty50 also rose over 180 points to 21,111, up 0.88%.
Domestic stock market had been lackluster on Wednesday as investors awaited the outcome of the US Federal Reserve's policy decision. Siddhartha Khemka, Head of Retail Research at Motilal Oswal said he expects market momentum to continue rising, supported by lower-than-expected results inflation datafall in oil prices and FII buying.
The Nifty showed a positive recovery on Wednesday, according to ET, indicating the possibility of further rally in the near term. Nagaraj Shetti of HDFC Securities mentioned that there is a higher chance of Nifty reaching all-time highs of 21,040+ levels in the near future. Immediate support is placed at 20770.
The Dow Jones industrial average hit a new record closing high for the first time since January 2022. The S&P 500 and Nasdaq also rose more than 1% each on Wednesday after the Federal Reserve indicated it would end its policy of raising interest rates and expects lower borrowing costs in 2024. The Dow rose 1.4%, the S&P 500 rose 1.4% and the Nasdaq gained 1.4%.
Asian traders reacted positively to the Fed's “dot plot” adjustment, which indicates a faster pace of rate cuts next year. Oil prices rose in early Asian trading on Thursday, continuing gains from the previous session. This followed a larger-than-expected weekly withdrawal from U.S. crude oil storage and the Fed signaling it will reduce borrowing costs in 2024.



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