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Stock market today, stock market updates: Major stock indexes opened more than 1.5 percent higher on Friday, inspired by their Asian counterparts who rose after China cut a key lending benchmark to support a slowing economy.

At 9:24 am, the S&P BSE Sensex Index rose 1,006.38 points (1.91 percent) to 53,798.61 while the Nifty 50 Index traded at 16,122.55, up 313.15 points (1.98 percent).

On the Sensex package, all stocks were trading higher in early trading led by Tata Steel, Dr. Reddy’s Laboratories, Bharti Airtel, State Bank of India (SBI), Sun Pharmaceutical Industries, Hindustan Unilever (HUL).

Speaking about the sharp market moves, VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “Excessive market volatility in general is due to two reasons. First, the market discounted the severe monetary tightening by the Federal Reserve which is likely to raise the fed funds rate. to about 3 percent in 2023. Second, the market has not completely ruled out the possibility of the US economy sliding into recession in 2023. So far there is clarity on the second issue, the “risk off and risk mode” in the market is likely to continue in the near term. It may take a few weeks for the markets to stabilize.”

Globally, he noted, “It is important to appreciate the fact that the dominant feature of this market is bearish in the short term. The Nasdaq is down 30 percent from its peak, and the S&P is down 19 percent from its peak. These are reflections of weakness in the market.” “.

As for India, Vijayakumar said that foreign institutional investors (FIIs) are likely to continue selling because India is the only emerging market where they are sitting on good profits and the market provides liquidity to sell.

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Asian stocks jumped in early trading on Friday after China cut a key lending benchmark to support a sluggish economy, but a gauge of global stocks remained set for its longest-ever streak of weekly losses amid investor concerns about slowing growth. China cut the five-year loan base interest rate (LPR) by 15 basis points on Friday morning, a sharper cut than expected, as authorities seek to ease an economic slowdown, although they have left the one-year LPR unchanged. The five-year rate affects the pricing of mortgages.

The broadest index of MSCI Asia Pacific shares outside Japan quickly built on early gains after the cut, last rising 1.4 percent. Chinese blue-chip stocks rose 1.1 percent in early trading and Hong Kong’s Hang Seng index jumped more than 2 percent, while Australian shares rose 1.3 percent. In Tokyo, the Nikkei was up 1 percent.

Gains in Asia came after a late rally on Wall Street faded, leaving the Dow Jones Industrial Average down 0.75 percent, the S&P 500 down 0.58 percent and the Nasdaq Composite down 0.26 percent.

Global market input from Reuters

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