The US markets recovered from Tuesday’s losses and jumped as Federal Reserve Chair Jerome Powell began his testimony before the US Congress. Powell’s announcement of the central banks expecting interest cuts later this year sent the S&P 500 surging 0.52 percent higher to 5,107.39. While he reiterated that the officials are in no rush towards rate cuts, markets across the globe waved green flags. The Nasdaq Composite traded 0.66 percent higher at 16,044.00 and the Dow Jones Industrial Average was up 0.40 percent at 38,738.54 at 21:15 IST on March 06. The GIFT Nifty too traded in the green, up 0.19 percent at 22,634.00.
Also Read: US Fed's progress against inflation 'not assured': Powell
The European markets increased marginally as investors expect cuts in the National Insurance Tax. This cut is anticipated to be announced under the budget presented before the British Parliament by Finance Minister Jeremy Hunt. At 21:15 IST, the FTSE was trading 0.37 percent higher at 7,674.32 and the CAC was up 0.29 percent at 7,955.45. The DAX too traded flat-to-positive at 17,700.48.
Earlier during the day, the Indian indices traded positive, with the Nifty up 0.53 percent at 22,474.05. The Sensex also recovered from intraday losses and ended 0.55 percent higher at 74,085.99.
DIIs net purchased Rs 2,149.88 crores and FIIs/FPIs net purchased Rs 2,766.75 crores.
The Hang Seng index soared 1.70 percent higher at 16,438.09. On the contrary, the Nikkei traded flat-to-negative at 40,090.78 due to Japan’s inflation numbers, however, it managed to stay above the 40,000 mark.
Crude broke its bearish close from the previous day to surge 2.69 percent higher at 80.25 immediately after Saudi Arabia unexpectedly increased the costs of its main grade to buyers from Asia. Brent was also up 2 percent at 83.72.
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