Sensex Today | Share Market Updates: The US Federal Reserve announced leaving the benchmark interest rates unchanged at 5.25 per cent – 5.50 per cent for the second straight meeting.
The Fed added that any future decisions on policy firming would take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, as well as economic and financial developments.
Goods and Services Tax(GST) revenue collection jumped by 13% YoY to ₹1.72 lakh crore in October this year. This is the second highest-ever GST revenue collection ever.
Sensex Today Live: Airtel to reduce spectrum auction budget for two years, says MD Gopal Vittal
Bharti Airtel will be spending much less on the upcoming spectrum auctions and subsequent sales over the next couple of years, as it does not require additional airwaves, but will renew spectrum in a few circles, managing director Gopal Vittal said during the earnings call on Wednesday.
“I would not imagine that the company needs further spectrum for some time to come. The only place where some small chunks of spectrum may be needed is renewable spectrum in three or four circles, but it is a function of the traffic pattern. How much do we need? Do we need it at all? Those discussions are still underway.” (Read More)
Sensex Today Live | Share Market Updates: Wall Street rallies on hopes the Federal Reserve’s rate hikes are done
U.S. stocks rallied Wednesday after the Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy.
The S&P 500 rose 1.1% in its first trading coming off a third straight monthly loss. The Dow Jones Industrial Average gained 221 points, or 0.7%, and the Nasdaq composite jumped 1.6%.
Stocks built on gains as Treasury yields eased in the bond market after the Fed announced its decision to hold interest rates steady, as expected. The Fed has already yanked the overnight rate from nearly zero early last year to its highest level since 2001, above 5.25%.
Fed Chair Jerome Powell said in the afternoon that the central bank still isn’t sure its main interest rate is high enough to ensure high inflation will move down to its 2% target. That kept alive the possibility of more hikes by the Fed. He also said cuts to interest rates, which can act like steroids for financial markets, aren’t even on Fed officials’ minds at the moment. (AP)
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