Mumbai (Maharashtra): The stock market soared following the Federal Reserve’s announcement of the conclusion of its two-year interest rate-hiking policy on Thursday.
The central bank anticipates lower borrowing costs in 2024, maintaining steady interest rates. A near-unanimous projection among 17 of 19 Fed officials suggests an expected decrease in the policy rate by the end of 2024.
The Sensex experienced a surge, opening 662.30 points higher at 70,245.39, while the Nifty marked a strong opening at 21,110.75, reflecting a gain of 184.40 points. Among the Nifty companies, 40 witnessed advances, contrasting with 10 declines.
At 10:10, Sensex was trading 869.05 points higher at 70,453.65, whereas Nifty was trading 241.15 points up at 21,167.50.
In the Nifty index, technology companies emerged as the top gainers, with HCL Technologies, Tech Mahindra, Wipro, Infosys, and LTIMindtree leading the way. Conversely, Power Grid, Nestle India, Asian Paints, Sun Pharma, and Tata Consumer Products found themselves among the top losers.
(With inputs from ANI)
