The Nifty 50 index held steady on Thursday as investors reacted to the latest minutes by the Federal Reserve. The index rose by more than 0.75% and is trading at Rs 16,113, which is the highest it has been since June 10th of this year. This price is about 5.6% above the lowest point in June. Similarly, the BSE Sensex index rose by more than 1.10%.
Indian stocks rebound
The performance of the Nifty 50 is in line with that of other global indices. In the United States, futures tied to the Dow Jones rose by over 18 points while those linked to the S&P 500 and Nasdaq 100 rose by less than 10 basis points.
Indian stocks have done better than their global peers because India is poised to have a stronger recovery than other countries. For example, the country’s economy is now the fifth-biggest as its GDP crossed the $3 trillion level recently. The economy has benefited from the relatively cheaper oil and gas from Russia.
At the same time, many Indian exporters have done well because of the sliding Indian rupee. The USD to INR price crossed the important resistance at 80 as king dollar reigns supreme.