The Indian stock market is poised for a positive start today, propelled by a global rally in response to the US Federal Reserve's indication of a pause in future rate hikes. Early morning trading suggested a gap-up of over 100 points on the NSE benchmark, according to Gift Nifty futures.
Yesterday, the US market experienced considerable gains with indices such as the S&P 500, Nasdaq, and Dow Jones advancing after rates remained unchanged for the second consecutive time. Jerome Powell, Fed Chief, reiterated his policy hold stance, downplaying the Fed's September forecast for one more rate hike this year.
Following the market close yesterday, the 10-year Treasury yield fell to 4.71%, while Brent Crude was quoted at $85 per barrel. Gold prices also dipped below $2,000.
Asian markets, including S&P/ASX 200, All Ordinaries, Nikkei, and Kospi, posted gains in response to the US Fed's decision.
In Indian stock news, market watchers are closely monitoring several companies announcing their September quarter earnings. Among these are Adani Enterprises and Adani Power from the Adani Group. Other companies to watch include Dabur, Godrej Properties, IRFC, Karnataka Bank, Suzlon and Tata Motors (BO:TAMO) (NYSE:TTM).
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