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1. 17/12/15, 4:24 PMIndian stocks edge up after widely expected Fed rate hike | Reuters
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Related: INDIA MARKETSStocks | Thu Dec 17, 2015 2:21pm IST
Indian stocks edge up after widely expected Fed rate hike
* NSE index up 0.52 pct, BSE index higher 0.49 pct
* GST, reforms in focus with Fed uncertainty out of way - traders
Dec 17 Indian stocks edged up on Thursday, heading for a fourth consecutive session of
gain after the U.S. Federal Reserve raised interest rates for the first time in nearly a
decade and signalled its tightening cycle would be "gradual."
The Fed's hike signalled faith that the U.S. economy had largely overcome the wounds of
the 2007-2009 financial crisis, although the central bank also made clear its stance would
remain "accommodative."
Gains tracked a rally in Asian markets, while India's volatility gauge VIX fell as much as
15.4 percent, heading for its biggest single-day fall since Sept. 18 and raising the odds for
a December or 'Santa' rally.
Investors also booked profit, capping broader gains, given uncertainty about the outlook for
Indian markets in 2016 as the government continues its attempt to pass key reforms bills in
parliament and earnings remain lacklustre.
"The markets had factored this (Fed hike) in, the Santa rally which we had predicted is now
happening," said Kapil Khandelwal, director at Equnev Capital.
"But directionally we see 2016 being a down year for the markets, there's no major trigger
in terms of corporate earnings."
The broader NSE index was 0.52 percent higher, while the benchmark BSE index was up
0.49 percent.
Both indexes kept slipping into the red only to recover soon after.
Among stocks that gained, steel companies advanced after a government order to curb
imports. Tata Steel rose 3.4 percent, while Steel Authority of India gained 4.3 percent.
But declines in auto, consumer and select financial stocks slightly edged out gains in
healthcare, utilities, industrials, and materials stocks.
IDBI Bank shares rose 6 percent on a report that the government was planning to transfer
the lender's bad loans to a separate entity.
Mahindra and Mahindra continued to see some selling pressure and was down 0.2
percent, still absorbing the impact of a temporary ban on registering diesel vehicles in
Delhi.
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2. 17/12/15, 4:24 PMIndian stocks edge up after widely expected Fed rate hike | Reuters
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ONGC saw some profit-taking and fell 2 percent after Wednesday's 4 percent gain.
(Reporting by Karen Rebelo in Mumbai; Editing by Subhranshu Sahu)
U.S. HIKES RATES
Traders suspect RBI intervened to
support rupee, bonds, ahead of Fed
Traders suspect the RBI bought bonds and actively
intervened in the rupee to support sentiment ahead of the
U.S. Federal Reserve's decision to raise interest rates,
several market participants told Reuters. Full Article »
'Impact of Fed hike on India should be minimal'
Fed move good for emerging markets: Finmin official
Fed raises rates, citing ongoing U.S. recovery
Fed ramps up new tool to pry rates higher
Yellen says rate path will be well signalled
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