Indian stock markets surged firmly on Friday from the opening session, with both indices gaining more than 1 per cent following the rally in the Nifty IT and Nifty Realty.
Indian stock indices moved higher as the Friday session progressed and in the process touched a fresh high, triggered by the latest moderation in US inflation, better-than-expected TCS results, and lack of negative market fundamentals.
The NSE Nifty 50 index opened at 24,379 points with a gain of 64 points, while the BSE Sensex also surged 193 points to 80,093 during the opening trade.
The U.S. Fed in its latest meeting noted a lack of significant progress towards reaching the 2 per cent inflation target, although it added that there had been modest improvements in recent months, highlighted the Fed policy minutes released on Wednesday.
The US Federal Reserve, in its latest monetary policy meeting, voted to leave the key interest rate unchanged at 5.25-5.50 per cent, maintaining the policy rate for the seventh straight time on the trot.
The CPI for May showed an annualized increase of 3.3 per cent, a modest deceleration from April's 3.4 per cent, falling short of economists' expectations that it would remain steady.
After a stellar rally over the past few weeks, markets faced some resistance over the past couple of sessions. At Tuesday opening bell, indices Sensex and Nifty traded marginally higher with a downside bias.
Indian stock indices are off to a strong start at the opening bell Thursday, tracking firm overnight cues from US markets which rose after a softer-than-expected US consumer inflation in April.
Indian benchmark indices on Wednesday deviated from their three-day winning streak and concluded in negative territory amidst cautious sentiment of investors preceding the release of crucial US inflation data and the ongoing elections.
Mumbai (Maharashtra) [India], May 10: In a tumultuous turn of events, the Indian stock market witnessed a staggering plummet of over 800 points on April, resulting in a loss of nearly 5 Lakh crores. Analysts are now warning of an impending financial tsunami as tensions escalate between Iran
US Federal Reserve Chair Jerome Powell said a further interest rate hike from here is unlikely and the central bank is currently focused on its restrictive monetary policy stance.
US Federal Reserve Chair Jerome Powell said it was prepared to maintain the current interest rate for "as long as appropriate" so as to align the inflation rate with its 2 per cent target.