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Share markets in India have extended early gains and are presently trading on a strong note.
Benchmark indices firmed up in afternoon deals and surged to two-month highs as Bajaj Finance posted stellar results and rallied 9%.
Another factor behind today’s rally is the interest rate hike. The US Federal Reserve hiked rates on expected lines yesterday.
The US Fed’s 0.75 percentage point hike in interest rates, and Fed Chair Jerome Powell’s comments dismissing chances of a recession gave investors some relief.
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Global markets are also in an upbeat mood. Asian share markets opened higher after the Fed’s indication on pace of interest rate hikes. While US markets had rallied overnight with Dow Jones rallying 1.4% and the Nasdaq surging over 4%.
A weaker rupee further added to gains. The rupee was falling but today, it appreciated 14 paise to 79.77 against the dollar in early trade.
Currently, the BSE Sensex is trading up by 913 points, up 1.7%, at 56,700 levels.
Meanwhile, the NSE Nifty rose above the 16,850-mark and is presently trading up by 248 points.
Bajaj Finance is leading with gains post stellar Q1 results.
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Bajaj Finserv also surged 9% after it reported results and its board approved bonus issue and stock split plan.
Tata Motors share price slipped 3% before recovering as the EV company’s Q1 loss widened.
In his latest video, Chartist Brijesh Bhatia talks about cement stocks and explains why it could be the best sector for long term investment.
More details to follow in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns,
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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Image and article originally from www.equitymaster.com. Read the original article here.