Stock Market Today: The Sensex and Nifty50 in India are expected to open lower on Thursday, a day after Dalal Street applauded the government’s pragmatic Budget 2023, but sharp falls in Adani group stocks Adani Enterprises and Adani Ports hurt investor sentiment and sent the 50-scrip index into the red.
Asia Pacific shares
Equities in other major Asian markets are holding gains at this hour, following a session that saw the S&P 500 and the tech-heavy Nasdaq Composite rise one and two percent overnight, respectively, after the Fed announced a 25 basis point hike in benchmark interest rates, as widely expected. MSCI’s broadest index of Asia Pacific stocks outside of Japan is up 0.7%.
Asian shares jump, dollar eases after Powell comments
On Thursday, Asian stocks rose while the dollar fell after Federal Reserve Chair Jerome Powell said a “disinflationary” process was underway, boosting risk appetite and hopes that the US central bank will soon end its monetary tightening cycle. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.84%, while the Nikkei in Japan rose 0.37%. The S&P/ASX 200 index in Australia rose 0.37%.
Tokyo markets open higher
Tokyo stocks opened higher on Thursday, tracking US gains after Federal Reserve Chairman Jerome Powell admitted in a dovish press conference that inflation was beginning to ease. In early trade, the Nikkei 225 index was up 0.45 percent, or 122.19 points, at 27,469.07, while the broader Topix index was up 0.15 percent, or 2.94 points, at 1,975.17.
Oil prices rise after U.S. Fed hikes rates, weakening the dollar
Oil prices rose in early Asian trade on Thursday after the Federal Reserve of the United States raised interest rates by 25 basis points, sending the dollar lower. Brent crude futures rose 56 cents, or 0.7%, to $83.40 per barrel, while WTI U.S. crude futures rose 65 cents, or 0.8%, to $77.05 per barrel.
Stock Market Today: Rupee gains 8 paise against US dollar on Budget day
After Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24, the rupee rose 8 paise to close at 81.80 against the US dollar on Wednesday. Forex traders said that fresh foreign capital inflows bolstered the domestic currency.
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