Patiala house courts complex, Building complex in New Delhi, India

Mumbai (Maharashtra) [India], May 4 : A day after the benchmark indices ended in the red, the domestic stock market rebounded on Thursday. The anticipation of a pause in the rate hike cycle by the US Federal Reserve had kept the investors on tenterhooks.Better-than-anticipated financial results from Indian firms in the March quarter also contributed to the positive market sentiment. All sectoral indices on the NSE, except for the Nifty FMCG index, closed higher.BSE Sensex rose by 555.95 points to 61,749.25 and NSE Nifty 50 went up 165.95 points to 18,255.80 on Thursday.The US Federal Reserve increased interest rates by 25 basis points to 5.15 per cent, effective from May 4 in its fight against inflation. The Federal Open Market Committee cited moderate economic activity, low unemployment, and elevated inflation as reasons for the hike.The latest hike was the same as the previous rate increase in the March meeting and marked its tenth straight rate hike.Meanwhile, consumer inflation in the US moderated in March to 5.0 per cent from 6.0 per cent the previous month, but the numbers are still way above the 2 per cent target. It was at 6.4 per cent in January, and 6.5 per cent the month before.Following the US Fed's interest rate outcome, Asian stocks rose while European shares tumbled on Thursday. Japanese markets were closed for a holiday.US stocks ended lower overnight as investors were uncertain about the Fed's next move regarding interest rate hikes. This marks the 10th time the Fed has raised rates in its tightening cycle.The US Dollar index, which tracks the greenback's value against a basket of currencies, was down 0.03 per cent to 101.31. In the commodities market, Brent crude for July 2023 settlement rose 50 cents to USD 73.83 a barrel."Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors," Vinod Nair, Head of Research at Geojit Financial Services, said."However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood," he added.Housing Development Finance Corporation (HDFC) jumped 2.64 per cent on Thursday after its standalone net profit rose 19.6 per cent to Rs 4,425.50 crore. The board declared an interim dividend of Rs 44 per equity share for the financial year ended March 31, 2023.Shares of Ad Enterprises jumped 3.85 per cent after the company announced net profit with 137.41 per cent jump to Rs 722.48 crore in March quarter, against Rs 304.32 crore in the year-ago period. Revenue from operations increased 26 per cent to Rs 31,346.05 crore. The company's board has approved a dividend of Rs 1.20 a share for the financial year ended March.Ad Enterprises re-appoints Gautam Ad as an executive chairman of the Company for a further period of five years with effect from December 1, 2023.Santosh Meena, Head of Research, Swastika Investmart, said, "Indian equity markets snubbed US market weakness and resumed their strong bullish momentum. The fall in crude oil prices, US bond yields, and the dollar index were positive triggers for emerging markets like India. Continuous buying by FIIs for the last few days has fuelled the strength in the headline indices, while the broader market is showing great strength."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Patiala House Courts ComplexFOLLOW

Patiala house courts complex, Latest News

Mumbai (Maharashtra) [India], May 5 : Music composer Daboo Malik has given us some incredible songs over the years. ... ...

Hyderabad (Telangana) [India], May 5 : Following his side's five-run win over Sunrisers Hyderabad (SRH) in their Indian Premier ... ...

Hyderabad (Telangana) [India], May 5 : After losing against Kolkata Knight Riders by five runs in the last over, ... ...

Hyderabad (Telangana) [India], May 5 : Sunrisers Hyderabad (SRH) opener Mayank Agarwal completed 2500 runs in Indian Premier League ... ...

Mumbai (Maharashtra) [India], May 5 : Disha Pat who made her Bollywood debut with 'M.S. Dhoni: The Untold Story' ... ...

Mumbai (Maharashtra) [India], May 5 : Actor Abhishek Banerjee turned a year older today and the star has nothing ... ...

Hyderabad (Telangana) [India], May 5 : Kolkata Knight Riders all-rounder Andre Russell achieved the milestone of striking 600 sixes ... ...

Mumbai (Maharashtra) [India], May 4 : A day after the benchmark indices ended in the red, the domestic stock ... ...