Indian markets rise post Federal Reserve hike

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The Indian markets opened on a positive note on Thursday morning after the US Federal reserve hiked the key interest rates for the first time in almost a decade.

The BSE Sensex was up 151 points or 0.6% in opening trade at 25,645.10 points. The NSE Nifty too saw a rise of 46.75 points or 0.6% at 7,797.65 points.

Asian stock markets jumped on Thursday as investors chose to take an historic hike in US interest rates as a mark of confidence in the world’s largest economy, though the good cheer did not extend to oil where oversupply again pressured prices.

The Federal Reserve’s 25-basis-point increase was almost after a decade and easily one of the most telegraphed in history. So there was some relief that, after months of wait and several false starts, the move was finally done and dusted.

Japan’s Nikkei added 1.9%, on top of Tuesday’s 2.6% advance. Australian stocks climbed 1.6%, while South Korea put on 0.8%.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.6%.

On Wall Street, the Dow ended Wednesday with gains of 1.28%, while the S&P 500 rose 1.45% and the Nasdaq 1.52%.

Markets were soothed by Fed Chair Janet Yellen’s assurance that future tightening would be “gradual” and dependent on inflation finally moving higher as long forecasted.

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