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The Sensex and Nifty opened at fresh record levels in early trade today, December 13, 2023. Meanwhile, the Indian rupee was trading today at 83.40 against the dollar. The Nifty sectoral indices saw mixed results this morning, with Nifty IT being the biggest loser at 1.3% and Nifty Auto being the biggest mover at 0.4%. TCS, HDFC Life, Infosys, Axis Bank, and Bajaj Finserv were the top five laggards among the frequently watched Nifty stock stocks, while NTPC, Hero Motocorp, Power Grid, Eicher Motors, and ITC were the top gainers. "
The Sensex and Nifty opened at fresh record levels in early trade today, December 13, 2023. Meanwhile, the Indian rupee was trading today at 83.40 against the dollar. The Nifty sectoral indices saw mixed results this morning, with Nifty IT being the biggest loser at 1.3% and Nifty Auto being the biggest mover at 0.4%. TCS, HDFC Life, Infosys, Axis Bank, and Bajaj Finserv were the top five laggards among the frequently watched Nifty stock stocks, while NTPC, Hero Motocorp, Power Grid, Eicher Motors, and ITC were the top gainers. ” Despite the lofty valuations, there is a bullish undertone in the market for the near future. The market will remain resilient due to the economy’s growth momentum, DIIs’ and retail investors’ consistent buying, the FPI strategy’s turnaround from selling to buying, and favorable global cues. Globally speaking, the Fed’s statement tonight plays a significant role in determining the direction of the world economy. Before making a significant move, the markets will wait for the Fed chairman’s speech. “Market players will be keenly observing the US Federal Reserve’s monetary policy committee’s announcement of their bimonthly policy tonight in hopes of picking up new information. The Federal Open Market Committee (FOMC) decided at its most recent meeting to keep the federal funds rate target range at 5-1/4 to 5-1/2 percent, maintaining the policy rate unchanged for the second consecutive meeting in a row. This comes after the FOMC drastically tightened monetary policy over the previous 18 months in an effort to lower inflation. The US Federal Reserve has pledged to lower consumer inflation to its intended level of 2%. The minutes from the previous review meeting had then disclosed that participants in the US monetary policy committee believed that additional tightening of monetary policy would be appropriate if incoming information indicated that progress toward the US Federal Reserve’s inflation target was “insufficient.” A comparatively higher retail inflation rate announced in November put pressure on the Indian indexes as well.
