The stock market soared following the Federal Reserve’s announcement of the conclusion of its two-year interest rate-hiking policy on Thursday. That got investors excited, and the Sensex and Nifty, which measure the stock market in India, went up a lot.
In the Nifty index, tech companies like HCL Technologies, Tech Mahindra, Wipro, Infosys, and LTIMindtree did the best, gaining a lot. On the other hand, Power Grid, Nestle India, Asian Paints, Sun Pharma, and Tata Consumer Products didn’t do so well and were among the top losers.
A special index called GIFT Nifty is now at 21,204.50, higher than before. This index reached a high of 21,289.50, showing that people are feeling positive about the market because the US Federal Chief said they won’t be raising interest rates.
A person named Varun Aggarwal from Profit Idea said that the Indian market looks good because of what the US Federal Chief said. He also mentioned that US stocks hit new highs after the Fed talked about cutting interest rates in the future.
In the global market, the Nasdaq, S&P 500, and Dow Jones (these are all names for different groups of US stocks) also hit new highs after the Fed’s announcement.
Gold prices went up because the Fed hinted that they won’t be making borrowing more expensive, which made the dollar and bond yields go down.
However, WTI Oil prices went down to $69 a barrel, the lowest in five months. Foreign Institutional Investors (FIIs) were confident and bought shares worth INR 4711 crores (that’s a lot of money) in the previous trading session.
The 10-year US Treasury note yield (basically, how much money you get back if you lend the US government money) fell below 4.1%, the lowest since early August. Overall, people are feeling positive about the market because the Federal Reserve seems to be taking a friendly approach, and economic indicators worldwide look good.
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