Indian stock markets rise on Thursday

Mumbai, July 28 (IANS) The Indian stock indices went up on Thursday with the BSE Sensex gaining 1,041.47 points and the NSE Nifty 287.80 points.The Sensex closed at 56,857.79 points while the broader Nifty closed at 16,929.60 points.On Wednesday, the BSE Sensex had closed at 55,816.32 points and the NSE Nifty at 16,641.80 points.The gainers on the bourses were largely finance, banks and software companies.Experts are of the view that the rally in the Indian bourses is owing to the less hawkish tone of US Federal Reserve Chairman on future hikes in the policy rates."US Fed hiked the policy rates by 75 bps which was on expected lines and largely factored in by the market. Moreover, the tone of Fed's chairman was less hawkish compared to previous statement which receded some fears and uplifted the sentiments," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said.According to him, in the future, the rate hikes would be more data driven and would be determined by the behaviour of inflation.Khemka pointed out the US Fed Chairman ruling out US recession possibility also at this juncture."We expect it to have positive rub off on the RBI MPC (Reserve Bank of India, Monetary Policy Committee) where the latter might slow down its aggression and hike rates by 25bps in its next MPC," he added.
--IANS vj/vd

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)