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India Business News: The shares of Life Insurance Corporation of India (LIC) have bounced back impressively after recent declines, rising 6% to Rs 972 in the first session of FY25. This surge brought the stock above its IPO price of Rs 949, marking a strong recovery for India's largest insurer.
BSE Sensex surged 1,240.90 points, or 1.76 per cent, to settle at 71,941.57. NSE's Nifty50 index rallied 385 points, or 1.8 per cent, to end the session at 21,737.60 for the day.
After the US Federal Reserve's rate-setting panel meeting, Jerome Powell has left the Nifty bulls confused with his dovish and hawkish tones. Although a pause in Fed's 500 bps rate hiking cycle was expected, Powell's hints of future rate hikes have spooked investors. However, the short-term impact may see more foreign investors attracted to Indian markets. Interest rates remaining high for longer may impact global growth with negative implications for equities.
MRF becomes the first Indian stock to touch the ₹1 lakh per share mark, with a market capitalisation of nearly ₹42,000 crore. Technical chart analysis indicates further potential for growth.
The US Federal Reserve is expected to keep interest rates on hold at its meeting on 14 June. While a pause in rate hikes is expected, a decision to lift rates could lead to a sharp selloff, while a pause followed by a signal for rate cuts could lead to strong market gains.