Mumbai: India’s broadest stock gauges climbed eight-tenth of a percent Thursday after overnight dovish comments from Federal Reserve Chair Jerome Powell on the duration of the current cycle of rate hardening lifted risk assets across emerging markets. Domestic high-frequency data, including aggregate second-quarter earnings and tax buoyancy, helped support gains. The Sensex advanced 489 points, or 0.77%, to close at 64,081, while the Nifty climbed 144 points, or 0.76%, to end at 19,133. Nifty’s Volatility Index, or VIX, fell 8.13% to 11.07, suggesting that traders see less risk now. The Nifty Midcap 150 gained 1.19%, and Nifty Small-cap 250 rose 1.08%.
“Indian markets ticked higher post-US Fed meeting outcome of keeping interest rates unchanged, leading to a decline in US yields that have been impacting global sentiments recently,” said Pankaj Pandey, head of research, ICICI Securities. “Added to this were sustained healthy corporate earnings for the September quarter and robust auto numbers ahead of the festive season.””Thursday’s positive movement was a technical bounceback after the meeting as the rates remained unchanged and the trend is expected to continue for a few more days,” said Rohit Srivastava, founder of indiacharts.com. “We expect that as Nifty crosses 19,450 levels, the selling may emerge again in the market.”
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