Domestic stock markets started Friday’s session on a positive note, rising for a sixth straight day, after the US central bank shifted its policy framework to focus more on economic growth instead of inflation. The S&P BSE Sensex index rose 209.64 points – or 0.54 per cent – to 39,323.11 at the strongest level in early deals, after a gap-up opening at 39,261.54 (0.38 per cent). The broader NSE Nifty 50 benchmark climbed to as high as 11,617.35, up 58.1 points – or 0.50 per cent – from its previous close, having begun the day up 0.38 per cent at 11,602.95.
At 922 am, the Sensex traded 198.13 points – or 0.51 per cent – higher at 39,311.60, while the Nifty was up 56.2 points – or 0.49 per cent – at 11,615.45.
On Thursday, Federal Reserve Chairman Jerome Powell laid out a policy that aims for 2 per cent inflation on average so that too low a pace would be followed by an effort to lift inflation “moderately above 2 per cent for some time.”
Though his comments were widely expected, some traders were disappointed that the US central bank did not reveal more details about how the new framework will work or provide any clues to what it will do at its next policy meeting.
On Thursday, the Sensex had ended with a gain of 39.55 points (0.10 per cent) at 39,113.47 and the Nifty settled at 11,559.25, up 9.65 points (0.08 per cent) from its previous close.
