Asian shares are trading on a positive note today. The Nikkei 225 is up 0.9% while the Hang Seng is up 2%.
Back home, India share markets opened the day on a positive note. Both, the NSE and the BSE, are trading at their lifetime highs.
The BSE Sensex is trading up by 307 points (up 0.8%) while the NSE Nifty is trading up by 88 points (up 0.8%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index has opened the day up by 0.5%.
Sectoral indices have opened the day on a positive note with banking stocks and metal stocks witnessing maximum buying interest.
The rupee is trading at 69.79 to the US$.
In the news from the aviation sector, Jet Airways share price will be in focus today as the board of the company will be considering cost reduction initiatives and turnaround plan along with June quarter results today.
Jet Airways share price opened the day up by 0.2% on the BSE.
In the news from global financial markets, US stock futures hit a record high today after US Federal Reserve Chairman Jerome Powell said that a gradual approach to raising rates remains appropriate to protect the US economy and job growth.
In his closely watched speech at the Fed’s annual retreat at Jackson Hole, Powell expressed confidence in the economy and said he does not see inflation getting out of hand. He said that the central bank is focused squarely on not stepping in to halt economic momentum but also wants to be a bulwark against runaway growth. On Friday, Powell said that he expects a slow but steady rate of interest rate increases to continue.
Powell said the current conditions warrant the gradual approach to raising interest rates.
He said that the economy is strong, inflation is near the 2% objective, and most people who want a job are finding one. He also expressed that the Fed carefully monitoring incoming data, and it is setting policy to do what monetary policy can do to support continued growth, a strong labor market, and inflation near 2%.
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