Share Market live: Cues from GIFT Nifty and US indices indicate a gap-up start for Sensex and Nifty (File Image)
Stock Market Today Live Updates: After opening in red, frontline indices Sensex and Nifty reversed losses to trade marginally higher.
Indian equity indices opened with minor dip on Thursday, despite positive cues from GIFT Nifty and US indices. At 9:15 am, GIFT Nifty is trading at 118.50 points, or 0.52 per cent higher at 22,737.50.
In the currency market, the Indian rupee opened flat at 83.42 per against US dollar on Thursday. The Indian currency had closed at 83.43 on Tuesday.
Powell further emphasized the US central bank wants greater confidence that inflation is moving towards its 2 per cent target range. He, however, didn’t explain what would entail later.
The US Fed has been kept rate steady since mid 2023.
In another major announcement, the Fed Chair announced that central bank will slow down the pace to shrink its balance sheet. As per him, the move is not being made to provide accommodation to the economy or be less restrictive. The decision comes after data indicates a stubborn inflation and lower GDP numbers. Powell, however, refused that US economy has entered a period of what some analysts describe as stagflation.
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APAC markets inched higher following cues from US market. Hong Kong’s Hang Seng reversed losses to lead the regional indices with 2.13 per cent gain. Nikkei 225 inched 25.07 points to 38,299.71 while Kospi inched 0.05 per cent lower at 2,691.32. The Japanese Yen has strengthened further on suspected intervention by Japanese authorities to stop a sharp slide in the currency. Traders see 160 levels as a key line of defence, Reuters reported. The dollar fell sharply to 153 yen from about 157.55 yen. This is seen after dollar selling ordered by Japan’s Ministry of Finance to support a currency languishing at 34-year lows.
The US indices, reacting to the decision, ended largely in positive territory with Dow futures inching as much as 500 pts in session high. Dow Jones Industrial Average (DJIA) inched 0.23 per cent to close at 37,903.29 while tech heavy NASDAQ slipped 0.33 per cent to close at 16,605.48. S&P 500 declined 0.34 per cent to close the session at 5,108.39.
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First uploaded on: 02-05-2024 at 08:35 IST
