Sensex and Nifty hit new record highs as stock market celebrates US fed rate decision
PTC News Desk: On Thursday, Indian indexes opened at a new all-time high. The Nifty was up 118.00 points, or 0.51%, at 23,441.00, while the Sensex was up 379.66 points, or 0.50 percent, at 76,986.23. A little over 2123 shares rose, 346 shares fell, and 107 shares remained constant. Major gainers on the Nifty were LTIMindtree, HDFC Life, Divis Labs, Nestle, and Shriram Finance. HUL, Britannia, Tata Consumer, and ICICI Bank were the top Nifty losers.
IT stocks rise significantly today
Since core prices climbed at the slowest annual pace in more than three years and US consumer prices surprisingly remained steady in May, IT firms, which get a significant portion of their revenue from the US, saw a 1.1% increase today.
According to US Fed Chair Jerome Powell, rate-cut expectations have been pushed back and inflation is still too high. As anticipated, the central bank maintained rate stability. Sensitive financials increased 0.6% as a result of this domestic rate increase, with HDFC Life Insurance increasing by around 3%.
Examining the Nifty 50
The Lok Sabha election results and the establishment of the government, which indicated the continuation of policy, caused the Nifty 50 to reach all-time highs three times in four sessions this week. In May, retail inflation in India decreased marginally due to a decrease in gasoline costs; nevertheless, food inflation increased on an annual basis. The Reserve Bank of India (RBI) also increased its projection for economic growth.
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- With inputs from agencies
