Today all sectors and indices are trading in green.
4 percent jump in IT index, there is a tremendous rise in stocks.
The rupee also strengthened against the US dollar at 80.74.
Mumbai. The effect of the tremendous boom in the US markets on Thursday is visible in the Indian stock markets including Asia today. Nifty and Sensex are seeing a rise of 1.5 percent today. In fact, due to lower than expected inflation figures in the US, the expectations of a hike in interest rates by the Federal Reserve have reduced. Data released on Thursday showed that the US Consumer Price Index (CPI) was lower than expected at 7.7% in October, up from 8.2% in September.
After these data came out, the US dollar fell against the rival currencies, while the US bond yield also fell sharply. The effect of yesterday’s rally in the US markets is now being seen in the Indian market. Today all sectors and indices are trading in green. The fastest growth is being seen in the IT sector. The IT index has jumped 4 per cent.
Image changed overnight in America
According to Bloomberg data, the rupee also strengthened against the US dollar at 80.74, from the earlier level of 81.81. The US dollar index fell more than 2% overnight to 108.1, the highest in a decade.
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According to the news of Mint, Rahul Kalantri of Mehta Equities Limited said that we expect the dollar index to remain weak and may go up to the level of 105.00 in the short term. On the other hand, the rupee slipped against the US dollar after taking gains in the domestic equity markets.
Indian market can make record high
In view of this continued momentum in the market, market experts have expressed the possibility that soon the Indian markets can make a record high. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “It was well known that key US inflation data for October would move the market up or down. Now that the figures of both CPI and Core Inflation have come below expectations. It is likely that the Fed may stop now after another hike of 50 bp. In such a situation, it is a good sign for the equity market.
“As the dollar is weakening, FIIs are likely to increase their purchases and with the monthly SIP figure crossing Rs 13000 crore, DIIs will also have to increase capital inflows. Overall, this time is in favor of those who are bullish in the market. So Nifty can touch new record level anytime.
Tags: business news, inflation, stock market today
FIRST PUBLISHED : November 11, 2022, 11:33 IST