Sensex jumps 601 points, Nifty jumps 171 points to 15,863
Domestic stock markets edged higher in the opening session on Thursday amid positive global cues after the US Federal Reserve announced a hike in interest rates. S&P BSE Sensex rises over 600 points to trade above 53,000, NSE Nifty 50 sits comfortably above 15,800, up 171 points. Bank Nifty also remained in the green.
From the Sensex pack, Reliance Industries, Maruti, ICICI Bank, ITC, HDFC and State Bank of India were the major gainers. Power Grid, Bharti Airtel and Nestle India were at the top.
Elsewhere in Asia, markets in Tokyo, Seoul and Shanghai were trading in the green, while Hong Kong declined marginally. Stock exchanges in the US ended the overnight session with sharp gains in an effort by the Federal Reserve to curb inflation, raising the benchmark lending interest rate by 75 basis points to a range of 1.5-1.75 per cent and more. rate indicated. action.
The massive rate hike was the biggest since 1994. In particular, the US is vulnerable to high inflation compared to many of its high-income countries. According to Labor Department data released last week, inflation in the US has reached a 40-year high of 8.6%.
Meanwhile, the rupee strengthened by 15 paise to 78.07 against the US dollar in early trade on Thursday. The rupee had closed at a record low of 78.22 against the US dollar in the previous session.
Read more: Fed Reserve hikes interest rates by 75 bps to tame inflation; Biggest increase since 1994