Stock Market Updates: Trading in the Indian stock market started on a strong note on Thursday. Global sentiments got strengthened due to the US Federal Reserve’s 25 point cut in interest rates. At the beginning of trading, BSE Sensex rose 65.5 points to 84,456.75, while NSE Nifty opened above 25,750 at the level of 25,771.4.
During this period, the maximum rise was seen in IT shares and shares of PSU banks. However, even though the stock market went into the red soon after opening, it controlled itself by making a sharp recovery. By 9:30 am, Nifty was seen trading at the day’s highest level till date 25,803.
List of top gainers and losers
Shares of Tata Steel, Infosys, Eicher Motors, Wipro and HCL Technologies were the top gainers in Nifty 50 in early trade. On the other hand, the major laggards in the Nifty 50 pack included Titan, Power Grid Corp, HDFC Life Insurance, Indigo and Bharti Airtel. The stocks which saw the most movement in early trade included Reliance Industries, M&M, ITC, Infosys and Kotak Mahindra Bank, which were seen most active in the morning trade.
Federal Reserve cuts interest rates
The US Federal Reserve has cut interest rates by 25 basis points on Wednesday after the two-day FOMC meeting. With this, the benchmark rate was reduced from 3.5 percent to 3.75 percent. This is the lowest rate in three years. Along with this, the Federal Reserve also indicated that there will be no further reduction in interest rates in the coming time. After this decision of Fed, there was a boom in the Indian stock market.
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US Federal Reserve cuts interest rates, know what effect it will have on the Indian market?
