Mumbai (Maharashtra):The stock market soared following the Federal Reserve's announcement of the conclusion of its two-year interest rate-hiking policy on Thursday. The central bank anticipates lower borrowing costs in 2024, maintaining steady interest rates. A near-unanimous projection among 17 of 19 Fed officials suggests an expected decrease in the policy rate by the end of 2024.
The Sensex experienced a surge, opening 662.30 points higher at 70,245.39, while the Nifty marked a strong opening at 21,110.75, reflecting a gain of 184.40 points. Among the Nifty companies, 40 witnessed advances, contrasting with 10 declines. In the Nifty index, technology companies emerged as the top gainers, with HCL Technologies, Tech Mahindra, Wipro, Infosys, and LTIMindtree leading the way.
Conversely, Power Grid, Nestle India, Asian Paints, Sun Pharma, and Tata Consumer Products found themselves among the top losers. The GIFT Nifty is currently trading at 21,204.50, showcasing an uptick from the previous spot close of 21,033. The index reached a high of 21,289.50, reflecting a bullish outlook influenced by the assurance from the US Federal Chief regarding the absence of interest rate hikes.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The GIFT Nifty is currently trading at 21,204.50, reflecting an uptick from the previous spot close of 21,033. The index reached a high of 21,289.50. The domestic market outlook is bullish, influenced by the assurance from the US Federal Chief regarding the absence of interest rate hikes".