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Yes bank share price rise and BSE Nifty today touched new heights on FOMC Outcome

Yes bank share price rise and BSE Nifty today touched new heights on FOMC Outcome
Written by Shilpi Gupta

Indian markets continued their momentum on the fourth day of this as top leading index BSE opened at sky-high 222 points while nifty trading at all time high of 10,082.10 nearly 60 points up from the previous close of 10,020.65.

Top performers today morning are IBREALEST(239,+6.70%) ,MPHASIS(634.50,+6.67%), MMTC(65.20,+5.84%), GSPL(193.05,+4.46%), Hindcopper(73,+2.90) at 10:18 IST. The top losers this morning are RENUKA(19.20,-5.37%), POLARIS(227.90,-3.78%), UNITECH(9.02,-3.43%), SREINFRA(120.30, -3.02%), HCL-INSYS(50.55,-2.79%) recorded at 10:20 IST. Yes, Bank created new 52 weeks high today of 1796 post Q1 results and Stock split announcement. Strong loan demand pushed the company’s profit to 966 crores quarter ended in June. Its trading at 1780 at 12:29 IST.

On Wednesday 26th july as per the expectation US Federal Reserve kept the policy rate unchanged at the end of its two-day meeting. It remained lenient of monitory policy stance. The 2008 recesion forced the US fed to decline their interest rates to 0.25% which is almost zero, that stayed there for next 7 years after US Fed raised the interest rates to 0.5% in December 2015.In December 2016 they raised to 0.75%,This year so far Fed Hiked there interest rates twice in march and june from 0.75% to 1 % in march and raised to 1.25% in June. Inflation remained below 2% on 12 month basis. Keeping up with the expectations, the FOMC decided to maintain the target interest rates 1 to 1.25 per cent.

The unchanged decision from US Fed caused Dollar to slide against other world currency in the evening session in NYSE. Which pushed other commodities higher as gold surged to 1% higher today at 28565 from previous close of 28384,Silver jumped to 1.54% today and trading at 38515 nearly 500 points from previous close of 38091.Crude oil trading at 3127 4 points down at 11am IST from previous close of 3131.Metal market flat today ahead of expiry on 31st july ,Base metals like zinc trading at (179),copper(407.45),Nickel(638.60),Aluminium(123.35) and lead(147.45)

About the author

Shilpi Gupta

Food Technologist by Profession and Blogger by Destiny. love to write articles on food technology, spirituality and social issues.