Stock Market Today: Following the less-than-expected increase in U.S. consumer prices in November, Indian shares opened higher on Wednesday, increasing the likelihood that the Federal Reserve will moderate the rate of rate hikes and eventually cease in 2023.
All the major Nifty increased except FMCG in Stock Market Today
With the exception of Nifty FMCG, all the major sectors indices rose, with Nifty IT and Nifty Metal increasing by about 1% each.
After data showed that the consumer price index increased 0.1% in November after increasing 0.4% in October, Wall Street closed higher overnight. Reuters questioned economists who predicted a 0.3% increase in the CPI.
The Fed’s policy decision, scheduled for Thursday at 0:00 a.m. IST, is now the market’s primary concern (1900 GMT).
Interest rates are expected to increase by 50 basis points by the U.S. central bank
With a lesser 25 bps hike in February, the U.S. central bank is anticipated to raise interest rates by 50 basis points, a smaller increase than the 75 bps per meeting pace that the Fed has maintained since June 2022.
The MSCI Asia ex Japan index rose 0.79% as Asian markets began the day higher.
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The U.S. numbers follow India’s retail inflation reading, which for the first time in ten months fell inside the Reserve Bank of India’s goal range of 2%-6%.
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