Gift Nifty, Asian markets to US Fed rate hike - key triggers for Indian stock market today
US Federal Reserve raised interest rates to their highest level in over 22 years while keeping the doors open for another rate hike. The US Fed hiked interest rates by 25 bps to a target range of 5.25-5.5%, on the expected lines, bringing US benchmark funds rate to the highest level since 2001 to tackle sticky, high inflation. The Fed chair Jerome Powell also hinted at a possibility of further increases, going ahead.
Analysts now believe that the Fed is on a prolonged ‘hawkish hold’. Read here: US Fed raises rates by 25 bps to highest level since 2001 In Asia, the Hong Kong Monetary Authority also raised interest rates by 25 basis points to 5.75%. Japan’s Nikkei 225 rose 0.11% and the Topix gained 0.02%.
South Korea’s Kospi rallied 0.47%, while the Kosdaq jumped 0.76%. Hong Kong’s Hang Seng index futures were at 19,541 compared to the benchmark’s close of 19,365.14. In Australia, the S&P/ASX 200 gained 0.56%.
Samsung Electronics reported a 95% plunge in quarterly profit at 669 billion won ($527 million) for the April-June quarter, from 14.1 trillion won a year earlier. Meanwhile, Gift Nifty was trading higher at 19,853.50, as compared to Nifty’s previous close of 19,778, indicating a positive start for the Indian benchmark index. US stocks ended on a subdued note on Wednesday after the Fed lifted interest rates to their highest level in more than 22 years.
The Dow Jones Industrial Average rose 82.05 points, or 0.23%, to 35,520.12. The index rose for 13 straight days, marking its longest winning streak since 1987. The S&P 500 eased 0.71 points, or 0.02%, to 4,566.75, while the Nasdaq Composite dropped 17.27 points, or 0.12%, at 14,127.28.
Read more on livemint.com
