Indian stock upbeat, indices gain 0.5 per cent
Jul 26, 2023
New Delhi [India], July 26 : Indian stock markets traded upbeat on Wednesday with both Nifty and Sensex closing 0.5 per cent higher.
Among the Nifty companies, 31 were in the green and 18 in the red.
L&T, Cipla, ITC, Britannia, Sun Pharma were the top gainers where as Bajaj Finance, Bajaj Finserv, M&M, Apollo Hospital, Tech Mahindra were the top losers today.
After remaining steady for two days, Indian stock indices saw a rise on Wednesday.
Investors now await the outcome of the US Fed monetary policy meeting outcome, expected to be announced tonight.
US Federal Reserve's monetary policy committee decided to keep the key interest rates unchanged in its last meeting.
The policy rate, which was brought down to near zero due to COVID-19 outbreak, is now at 5.0-5.25 per cent following the year-long consistent hike.
The US Federal Reserve had implemented a series of consecutive interest rate hikes, driven by the need to combat surging inflationary pressures in its economy.
Vinod Nair, Head of Research at Geojit Financial Services said optimism has inched back today after the last three trading days of consolidation and ahead of the FOMC meeting.
“As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023. This is because inflation has rapidly come down and is forecast to settle down further. However, the interest rate is expected to stay high in the short-term since the rigidity of core inflation remains above the long-term average,” said Vinod Nair.
