Opening bell: Sensex opens stronger after fed rates hike
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Key indices on Thursday gained strength after the federal reserve hiked rates as widely expected.
The 30-share BSE Sensex was up 138.34 points at 33,274.52 and the 50-share NSE Nifty rose 49.40 points to 10,204.70.
About two shares advanced for every share falling on the BSE while all sectoral indices were in the green barring PSU Bank.
Among the early gainers were Reliance Industries, L&T, Tata Motors, Vedanta, ONGC, Bharti Infratel, Eicher Motors, Sun Pharma and ITC gained up to 2 per cent.
SBI, ICICI Bank, BPCL, Wipro, HPCL, NTPC, TCS, Axis Bank and Mahindra & Mahindra were under pressure.
The US dollar slipped on Thursday after the Federal Reserve did not signal a faster pace of rate hikes this year while worries about a coming announcement on tariffs from U.S. President Donald Trump dented Asian shares.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1 percent, erasing earlier gains of up to 0.7 pct, which were led by South Korea and Taiwan hitting six-week highs. Japan's Nikkei gained 0.4 percent.
Wall Street stock indexes ended the day lower, with the S&P 500 losing 0.18 percent and the Nasdaq Composite 0.26 percent.
The US Federal Reserve raised interest rates on Wednesday and forecast two more hikes for 2018 in its first policy meeting under Chairman Jerome Powell.
Given that some investors had expected it to project three more rate hikes, the guidance was perceived by some as less hawkish than anticipated, a positive factor for risk assets in general, though analysts noted the Fed was upbeat on the economy overall.
Fed policymakers notched up rate projections for 2019 and 2020 and also raised the estimated longer-term "neutral" interest rate a touch, suggesting the current tightening cycle could go on longer than previously thought.
"They also forecast three hikes next year and two more in 2020 and clearly revised up the growth forecast as well," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
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Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
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Two individuals have been arrested by the Mumbai Crime Branch late on Monday night for allegedly firing shots outside the residence of Bollywood actor Salman Khan in Bandra West on April 14, several media outlets reported.
"Both individuals, who fled Mumbai following the shooting, were apprehended in Bhuj, Gujarat," stated officials, as per news agency ANI. The Mumbai police confirmed that the detained individuals, identified as Vicky Gupta and Sagar Pal from Champaran, Bihar, will be transported to Mumbai for further interrogation.
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Tata Consultancy Services has topped the LinkedIn's latest list of top companies to work for in India, followed by Accenture and Cognizant in the second and third place respectively.
Professional networking platform LinkedIn on Tuesday released the 2024 Top Companies list for India wherein IT companies bagged the top three ranks, while financial services firms dominated the list with 9 out of 25 companies from this sector.
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Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.
Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.
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Srinivas Pallia, who has been a part of Wipro for over three decades, divested all his shares valued at Rs 5 crore in the company approximately a month and a half prior to his appointment as the new chief executive, according to a report by The Economic Times (ET).
Pallia sold his 100,000 Wipro shares through a 'market sale' on February 14 this year, with the transaction being reported to the exchange on February 15. The total transaction amounted to Rs 5.05 crore, the report added. Following the transaction, Pallia's holdings of securities on the BSE were reduced to zero.
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