Indian Share Markets Trade Higher as Investors Cheer Fed Rate Hike; Maruti & Reliance Top Gainers

Thu, 16 Jun 10:30 am

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Asian share markets are higher today as traders cheered a sharp interest rate hike by the Federal Reserve.

The Nikkei advanced 1.1% while the Shanghai Composite added 0.3%. The Hang Seng is down 0.6%.

In US stock markets, Wall Street indices rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Federal Reserve that raised interest rates to market expectations.

The US Federal Reserve on Wednesday raised interest rates by 75 basis points (bps) in the boldest move since 1994.

This is the largest rate hike since 1994 and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown.

With this announcement, the central bank aimed to fight rising inflation without sparking a recession.

Back home, Indian share markets are trading on a positive note. Following consecutive falls this week, Indian share markets reversed course and headed higher.

Benchmark indices opened with strong gains following the SGX Nifty trend as global markets cheered the 75 bps hike.

The BSE Sensex is trading up by 342 points. Meanwhile, the NSE Nifty is trading higher by 91 points.

Maruti and Reliance are among the top gainers today. Power Grid, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.7%. The BSE Small Cap index is trading higher by 0.8%.

All sectoral indices are trading in green with stocks in the banking sector, finance sector and metal sector witnessing most of the buying.

Shares of Maharashtra Seamless hit their 52-week high today.

As Indian share markets head higher today, you must be wondering when will the markets fully recover.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

Meanwhile, check out the results of a poll we conducted recently asking readers what's their course of action in this market.

Not surprisingly, majority of people seem to be buying the stock market dip.

The rupee is trading at 78.02 against the US$.

Crude oil prices recovered from a steep drop, supported by tight oil supply and peak summer consumption, after a US rate hike sparked fears of slower economic growth and less fuel demand.

Cryptos are trading in green today. Earlier, crypto investors were spooked after the US Fed announced monetary tightening measures.

Note that investors in crypto markets are not having a good night's sleep lately as Bitcoin tumbled to a new 18-month low earlier this week, falling below US$20,300.

Investors shunned risky assets in the face of a global market selloff.

Many crypto exchanges have paused bitcoin withdrawals which lead to a sharp fall in the entire crypto market.

Gold prices are trading at Rs 50,660 per 10 grams. Meanwhile, silver prices are trading up by 0.6% at Rs 61,086 per kg.

Speaking of gold, Chartist Brijesh Bhatia discusses whether gold is the best hedge against inflation, in his latest video for Fast Profits Daily.

Investors are once again showing interest in the yellow metal as a hedge against inflation.

But what do the charts say? How well does gold perform when inflation is high?

Brijesh answers these questions and more in the below video. Tune in to find out:

In news from the banking sector, HDFC is in the final stages of selling four large distressed accounts, including that of Subhash Chandra-promoted Siti Networks to Assets Care and Reconstruction Enterprise (ACRE).

The above move is aimed at cleaning up the mortgage lender's books before the big bang merger with HDFC Bank.

ACRE has given a binding bid of Rs 2.7 bn to acquire HDFC's Rs 5.8 bn portfolio of the four corporate accounts. Its offer equates to a recovery of 47% for India's biggest home financier.

Siti Networks is the biggest of the four accounts in this portfolio, accounting for Rs 2 bn.

In other news from the banking space, Yes Bank is among the top buzzing stocks today.

Yes Securities, a wholly owned subsidiary of Yes Bank, said it is bullish about expanding footprint in more cities of West Bengal.

The company does not foresee any adverse impact on retail investors' interest in the stock market, despite a sharp correction and high volatility.

Yes Securities said it is aiming at doubling its physical stock dealing branches to 24.

Yes Bank share price is trading up by 1%.

Speaking of the banking sector, are you wondering if it is a good time to buy banking stocks as the central bank has announced another hike in interest rates?

Look at the NPA levels which are currently at 5-year lows, but are still a substantial 6% of the overall loan book.

For now, higher lending rates have offered a bigger margin to banks. Lending rates have gone up but deposit rates are yet to catch up.

So, for a few quarters, higher net interest margins will make the banks look healthy.

Apart from the banks, these 4 companies stand to win big as interest rate rises.

Moving on to news from the energy space, Reliance Industries share price rose over 2% today.

These gains in Reliance can be attributed to the company bagging media rights purchase in IPL's e-auction. Reliance Industries, which owns Viacom18 along with Paramount Global and Bodhi Tree Systems, will be the digital streaming partner of the tournament.

This is the first time in the history of the IPL that one group is both a broadcaster and team owner.

Market experts say this is relevant because the e-auction, which saw the Board of Control for Cricket in India (BCCI) walk away with Rs 483.9 bn in revenue, has made the league among the most valued in the world.

To know more, check out Reliance Industries' financial factsheet.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers