Markets trade higher as US Fed rate hike of 75 bps priced in

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Markets trade higher as US Fed rate hike of 75 bps priced in
  • Indian markets opened higher as SGX Nifty, an early indicator of the market, was up 0.60%.
  • Global markets went up after the US Federal Reserve raised interest rates by 75 basis points to 2.25-2.5% as expected.
  • Bajaj Finserv, Dr.Reddy's Laboratories, Vedanta, Nestle India among stocks to watch out for on July 28.
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The benchmark indices – Sensex and Nifty50 - opened in the green, mirroring positive cues from Asian and the US markets as the US Federal Reserve raised interest rates by 75 basis points to 2.25-2.5%.

Investors across the globe were hopeful of a slowdown in rate hike after, but Fed Chair Jerome Powell said that while another “unusually large increase” could be appropriate, a lot would depend on data between now and September. The Sensex opened 543 points or 0.97% higher at 55,361 while Nifty 50 was up by 143 points or 0.86% to 16,784.

Bajaj Finance was the top performer on Nifty50 in the opening trade with an 8% jump in the stock. The non bank lender’s profitability grew more than two times to ₹2,596 crore for June quarter.

The parent company Bajaj Finserv was another top performer on the indices as investors cheered the performance of the subsidiary and its stock split. Meanwhile, shares of auto major Tata Motors was the biggest loser as its June quarter earnings not only missed analyst estimates but its net loss widened by five times to ₹4,950 crore as against ₹992 crore loss reported in the previous quarter.

Further, these are some of the companies that will report their June quarter earnings today -- Bajaj Finserv, Dr.Reddy's Laboratories, Vedanta, Nestle India, Dr.Lal Pathlabs, Intellect Design Arena, Jubilant Foodworks, Mahindra & Mahindra Financial Services, Nippon Life India Asset Management, Punjab National Bank, SBI Life Insurance Company, Shree Cement, TVS Motor Company, SBI Cards among companies to report quarterly results.

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