Page 16 - Us Fed News Today

Rallying for the third consecutive session, the 30-share Sensex vaulted 969.55 points or 1.37 per cent to close at 71483.75

The rupee rose by 13 paise on December 14 but lost ground due to the ongoing dollar buying pressure

The Fed policy continues to be the beacon for global markets, and European posturing on rates matters less, relatively, said analysts.

Analysts attributed the rally in banking stocks to the underperformance in the sector compared to the benchmark and strong foreign inflows. Bank stocks have the highest weight on the Sensex and Nifty and a pick-up in overseas investor purchases of Indian equities benefit this sector the most.

Once the RBI feels comfortable that now the Fed will keep easing for a while, it will allow them to go easier. When that happens is a much tougher question.

Each of the past three years had a similarly strong consensus that proved entirely wrong.

“Because there is cash waiting to be invested in the market across local and global investors, we will have to keep in mind that despite headwinds corrections will be shallower and the rise could be higher. The one big worry for markets will be policy stability. Today, the market is discounting continuity on governance and continuity of policies. If there is any change over there, then certainly there could be some reaction.”

The Japanese yen weakened against other major currencies in the Asian session on Friday, as Asian stock markets traded higher, following the dovish comments from the U.

Exide Industries stock formed the Morning Star candlestick pattern in October and thereafter started marking the sequence of higher tops and higher bottoms. It has surged by over 23% in just 26-trading sessions. However, it has marked high of Rs 299.40 and thereafter witnessed minor throwback.

The Federal Reserve held interest rates steady for a third meeting and gave its clearest signal yet that its aggressive hiking campaign is finished by forecasting a series of cuts next year. Officials unanimously decided to leave the target range for the benchmark federal funds rate at 5.25% to 5.5%, the highest since 2001. Policymakers penciled in no further interest-rate hikes in their projections for the first time since March 2021, based on the median estimate.