Indian Stock Markets Rose on Thursday

Stock Markets

Indian stock indices rose 1,041.47 points on the BSE Sensex and 287.80 points on the NSE Nifty on Thursday.

Sensex closed at 56,857.79 points while Nifty closed at 16,929.60 points.

On Wednesday, the BSE Sensex closed at 55,816.32 points and the NSE Nifty at 16,641.80 points.

Profits on the exchanges were mainly finance, banks and software companies.

Experts believe that the reason for the rally in Indian stock markets is the less aggressive tone of the chairman of the US Federal Reserve on future policy rate hikes.

Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, said, “The US Fed hiked policy rates by 75 bps, which was on expected lines and was largely supported by the market.

Furthermore, the tone of the Fed chairman was last seen. The statement was less sharp than that, which allayed some apprehensions and raised sentiments.”

According to him, in future, rate hikes will be more data driven and will be determined by the behavior of inflation.

Khemka pointed to the US Fed chairman’s dismissal of the possibility of a US recession at this time.

“We expect this to have a positive impact on the RBI MPC (Reserve Bank of India, Monetary Policy Committee), where the latter can slow down its aggression and hike rates by 25 bps in its next MPC,” he added. “

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