The BSE Sensex was trading 176 points or 0.28% higher at 62,710. The Nifty50 was at 18,662, up 54 points or 0.29% around 9.17 am.
“US November’s lower-than-expected CPI inflation of 7.1% y-o-y and just 0.1% m-o-m confirms market expectations that the Fed will raise rates by just 50bp today.” The consensus rate on Fed funds is now slightly below 5%, which is positive for the market,” said VK Vijayakumar, chief investment strategist at
“In India, the bank index, and within the bank index, the PSU bank segment, is the strongest segment and it may continue to remain resilient. Continued FII buying is another positive. However, the Nifty is unlikely to break out of the 18,400-18,800 range and sustain at higher levels. High valuations are likely to cap the rally,” Vijayakumar added.
Among the Sensex stocks,
, , , , L&T and were the top gainers, rising by around 1-1.5%. , , , and also opened up more. However, , and open with cuts.
Sector wise, Nifti IT gained 1.12% and Nifti PSU Bank 0.94%. Nifti Metal and Nifti Media also opened higher. While in the broader market, Nifty Midcap50 advanced by 0.58% and Smallcap50 by 0.35%.
U.S. stock indexes closed higher in choppy trade on Tuesday as investors shifted focus to the Federal Reserve’s next decision after inflation data showed more signs of cooling. On Tuesday, the Dow Jones Industrial Average was up 0.30%, the S&P 500 was up 0.73% and the Nasdaq Composite was up 1%.
In early trade in Asian markets, Japan’s Nikkei 225 gained 0.79%, South Korea’s Kospi advanced 0.80% and China’s Shanghai Composite advanced 0.13%.
The Indian rupee was up 0.12% at 82.70 against the US dollar in early trade on Wednesday. Meanwhile, the dollar index, which tracks the greenback against a basket of six major world currencies, rose 0.08% to 104.06.
February Brent crude futures were down 0.30% at $80.44 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.25% at $75.20 a barrel.
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own. They do not represent the views of the Economic Times)