Indian stock markets give big thumbs up to US Fed in opening trade
There were 48 advances and only 2 declines on the Nifty.
The Indian stock markets opened over a percent open from their previous closes on Wednesday giving a thumbs up to the US Federal Reserve's announcement last night.
The Bombay Stock Exchange's (BSE) Sensex was trading up by 1.20%, or 343 points at 9.39 am.
The National Stock Exchange's (NSE) Nifty was up by 1.11%, at 8782 during morning trade.
There were 48 advances and only 2 declines on the Nifty.
Janet Yellen, chairperson of US Federal Reserve signalled that rate hike could be a possibility in it's subsequent policy announcements.
The Fed, however, downgraded US's economic growth and inflation projections.
"Just because we removed the word 'patient' from the statement doesn't mean we're going to be impatient," Fed Chair Janet Yellen said in a press conference after Wednesday's statement.
US stock markets rose on the more than positive news from the Fed and jumped nearly 5%. The dollar reacted negatively and became cheaper.
Also Read: Fed opens door wider for rate hike but downgrades economic outlook
Reserve Bank of India (RBI) chief, Raghuram Rajan, earlier said that India is well prepared if the US hikes interest rates.