The Indian stock market has achieved a significant milestone by reaching $4,000 billion. This achievement is a result of the hard work and dedication of the investors and traders. The rise in the stock market numbers signifies the growth and potential of the Indian economy.
Just a few days ago, the Indian stock market value rose above $4,000 billion. This marks an incredible milestone for the market, which has experienced impressive growth over the past ten years and has rallied even further in the last year. As a result, Bombay has now become the world’s fourth-largest financial center. Don’t miss this important story about the numbers that matter, in just one minute every week!
Investors expect the Indian stock market to open higher on Thursday, buoyed by positive movements in global markets. This comes after the US Federal Reserve kept the key interest rates unchanged and foresees three rate cuts next year. The Sensex and Nifty 50, the Indian benchmark equity indices, are expected to rally today. Asian markets also rallied, while US stocks jumped overnight after a dovish commentary by the US Federal Reserve Chair, Jerome Powell. The benchmark Nifty 50 ended with marginal gains on Wednesday, holding above the 19,900 level. The market momentum is expected to continue on the higher side supported by lower-than-expected inflation data, 16-month high IIP data, a fall in the crude oil price to a 7-month low, and FIIs buying, according to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
India’s benchmark Nifty 50 is set to open at a new all-time high on Thursday, after the US Federal Reserve flagged the end of its tightening cycle and struck a dovish tone on the interest rate outlook, triggering a rally in global stocks.
The Fed acknowledged it is making “real progress” in easing inflation while maintaining a rate pause and adding that hikes were “not the base case anymore”. Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, at a press conference after the policy decision, bolstering expectations of a rate cut in early 2024. The odds of a 25 basis point rate cut in March 2024 rose to 65.9% on Thursday from 39.7% a day before, according to the CME’s FedWatch tool.
Asian markets jumped at the open on Thursday, with the MSCI Asia ex-Japan index adding 1.8%. India’s Nifty 50 has scaled new all-time highs in eight of the previous ten sessions, aided by strong quarterly growth, an upward revision of the fiscal 2024 growth forecast by the central bank, lower-than-expected retail inflation, moderation in oil prices, and strong foreign and domestic fund inflows.
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