Share Market: Market opened with green mark, Gift Nifty to US Fed policy, 6 things which changed the direction of share market
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Share Market: The Indian stock market opened cautiously on Thursday after a huge fall. Today’s pre-opening was in the green amid strong signals from the global market. As soon as the market opened, the 30-share BSE Sensex was rising by 450 points. Whereas, Nifty was also seen trading beyond 19100. Earlier at 7.30 am, Gift Nifty was trading at 19,200, up about 100 points. In such a situation, let us know what are the reasons due to which the stock market has regained its glory today.
Asian market
Asian markets were higher on Thursday, following overnight gains on Wall Street after the US Federal Reserve decided not to change its benchmark interest rates. Japan’s Nikkei 225 gained 1.22% and Topix gained 0.95%. South Korea’s Kospi rose 1.62%, while the Kosdaq jumped 2.10%. Hong Kong’s Hang Seng index futures were higher at 17,157 compared to HSI’s close of 17,101.78. Australia’s S&P/ASX 200 rose 1.17%. Meanwhile, GIFT Nifty was trading around 19,225 levels, while Nifty futures were at the previous close of 19,054, indicating a gap-up start for the Indian benchmark indices.
wall Street
US stock market indices closed higher on Wednesday after the US Federal Reserve kept interest rates unchanged, while comments from its top official boosted optimism that rate hikes were on track, even as the central bank warned of more… The door has been kept open. The Dow Jones Industrial Average rose 221.71 points, or 0.67%, to 33,274.58, while the S&P 500 jumped 44.06 points, or 1.05%, to 4,237.86. The Nasdaq Composite closed 210.23 points, or 1.64%, at 13,061.47. Among stocks, WeWork shares fell 46.49% following media reports about the company planning to file bankruptcy next week. Shares of Advanced Micro Devices rose nearly 10% after beating forecast chip sales. Estée Lauder’s share price fell 18.9% after the beauty products maker cut its annual profit outlook. Shares of Paycom Software fell 38.5% after fourth-quarter revenue missed estimates. Match Group’s share price fell 15.3% after it reported fourth-quarter revenue fell short of estimates.
us fed policy
The Federal Open Market Committee (FOMC), led by US Federal Reserve Chairman Jerome Powell, left benchmark interest rates unchanged in the range of 5.25% – 5.50%. The Fed’s decision to keep its benchmark lending rate at a 22-year high gives policymakers time to “assess additional information and its implications for monetary policy,” the central bank said in a statement. The US central bank said any future decisions on policy setting “will take into account the cumulative tightening of monetary policy, the impact that monetary policy has on economic activity and inflation as well as economic and financial growth.”
Japan announces $113 billion package to tackle inflation
Japanese Prime Minister Fumio Kishida said the government would spend more than 17 trillion yen ($113 billion) in a package of measures to cushion the economic blow from rising inflation, which will also include tax cuts, Reuters reported. Kishida told reporters that the government will prepare a supplemental budget of 13.1 trillion yen for the current fiscal year to finance a portion of the spending. Media reports previously reported the government was considering spending more than 17 trillion yen for the package, which would include temporary cuts in income and residential taxes as well as subsidies to curb gasoline and utility bills. Will also be included.
US dollar index decline
The US dollar fell broadly on Thursday, following a decline in US Treasury yields amid rising expectations that the US Federal Reserve has completed its aggressive monetary policy tightening cycle after leaving rates unchanged. The US dollar index fell 0.11% to 106.34. Two-year U.S. Treasury yields, which generally reflect near-term interest rate expectations, fell to a nearly two-month low of 4.9250% on Thursday, while the benchmark 10-year yield fell to a two-week low of 4.7070%. fell. , The Japanese yen was last at 150.44 per dollar, while sterling rose 0.35% to $1.2192 and the euro rose 0.18% to $1.0589.
GST collections rise 13% YoY to ₹1.72 lakh crore
Goods and Services Tax (GST) revenue collection grew 13% year-on-year in October this year to ₹1.72 lakh crore, the second highest ever GST revenue collection. Of the total gross GST, ₹30,062 crore is CGST, ₹38,171 crore is SGST, ₹91,315 crore is IGST and ₹12,456 crore is cess. The total revenue of the Center and states in October stood at ₹72,934 crore for CGST and ₹74,785 crore for SGST.
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