Today’s stock market live updates: After opening red, Frontline indexes Sensex and Nifty reversed losses and rose on gains in auto, metal and energy stocks. All three sectoral indexes rose more than 1%.
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Despite positive cues from the Gift Nifty and US indices, Indian equity indexes opened modestly lower on Thursday. GIFT Nifty opened at 22,737.50, up 118.50 points or 0.52%.
In today’s session, Power Grid, M&M, Asian Paints, Tata Steel, Sun Pharma and HDFC Bank were big gainers from the Sensex basket, while Maruti, Kotak Mahindra Bank, Wipro and Titan were laggards.
Oil-sensitive stocks also rose as much as 5% as Brent crude oil prices hit a two-month low. Brent crude oil was trading at 83.91 cents a barrel, up 0.51 cents, or 0.61%.
In the foreign exchange market on Thursday, the Indian rupee opened flat against the US dollar at $83.42. The Indian currency closed at 83.43 on Tuesday.
Powell also emphasized that the U.S. central bank wants more confidence that inflation is on track to its 2% target range. However, he did not explain what would happen later.
The US Federal Reserve will keep interest rates unchanged from mid-2023.
In another important announcement, the Fed chair announced that the central bank would slow the pace of shrinking its balance sheet. He said the move was not made to provide relief to the economy or ease restrictions. The decision came as data showed stubborn inflation and declining GDP. But Powell rejected his view that the U.S. economy has entered what some analysts describe as stagflation.
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