The Indian market opened higher today. Sensex increased 616.62 points to end at 53,750. 97 and Nifty gained 178.95 points to 15,989. On Wednesday, there was 80. The US Fed has raised lending rates by 75 bps to tame rising inflation.
Sensex gained 131 points to 16,121, up 439 points to 54,190 and Nifty gains 131 points to 54,121.
After yesterday's positive close, markets could extend gains in early Thursday trading on the back of a strong buoyancy in world equity indexes, even as FOMC Meeting Minutes showed US policymakers anticipate a 50 or 75 basis points hike in the next meeting. The US treasury yields were higher for this and next year, with the 10 year yield curve remaining inverted, indicating a key recession warning. Oil prices fell to $98 a barrel, which could act as a respite to the market. Technical indicators can only accelerate to the south if Nifty falls below the 15,521 mark. 8: 41 am: US Fed hikes policy rates by 75 bps on record inflation levels.
The make or break support for Nifty is only seen at 15521 and below the mark, so expect a waterfall of selling which is likely to take the index towards the 15181 mark. Any early morning altitude is likely to be capped at 16,181 mark. The Indian market is likely to open higher today as the SGX Nifty went up 133 points to 16,116. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
After a long gap and positive opening in European stock markets, the benchmark indices rallied over 1 per cent on Wednesday. Sensex climbed 616.62 points to end at 53,750. 97 and Nifty gained 178.95 points to 15,989. The midcap and smallcap indices of the BSE rose 386 points and 235 points, respectively. Consumer durables, banking and auto shares were the top sectoral gainers, with their BSE indices rising 851 points, 617 points and 727 points, respectively.