17 Mar , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets mirrored global cues on the opening bell on Thursday morning with S&P BSE Sensex zooming 850 points or 1.5% to breach 57,600 levels. Nifty 50 was up 240 points or 1.4% as it scaled 17,200. Bank Nifty was above 36,400 while India VIX was down 7% nearing 22 levels. Housing Development Finance Corporation (HDFC) was the top Sensex gainer, up 3%, followed by Axis Bank and Asian Paints. All Sensex stocks were trading in the green.
The US Federal Reserve kickstarted the interest rate hike cycle with a quarter percentage point hike on Wednesday. Led by Fed Chair Jerome Powell, the members of the committee voted 8-1 in favour of lifting interest rates for the first increase since 2018. Jerome Powell said that the US economy is strong enough and capable of handling a tighter monetary policy. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 per cent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 per cent objective and the labor market to remain strong,” US Federal Reserve said. The central bank has suggested that the hike in interest rates is among the several that will come later this year.
Global rating agency Moody's has cut its forecast on India's GDP growth at 9.1% from earlier expectations of 9.5% for the fiscal year 2022, it said Thursday. “India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. High fuel and potentially fertilizer costs would weigh on government finances down the road, potentially limiting planned capital spending,” it said. Moody's expect GDP for fiscal year 2023 to be 5.4%.
India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. Because India is a surplus producer of grain, agricultural exports will benefit in the short term from high prevailing prices. High fuel and potentially fertilizer costs would weigh on government finances down the road, potentially limiting planned capital spending. For all of these reasons, we have lowered our 2022 growth forecasts for India by 0.4 percentage point. We now expect the economy to grow by 9.1% this year, followed by 5.4% in 2023. Our forecast revisions also factor in the somewhat stronger underlying momentum than we had not accounted for previously.
Sensex soared 800 points or 1.4% on Thursday morning to breach 57,600 levels while the NSE Nifty 50 index was above 17,200. India VIX was nearing 22 levels.
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