New Delhi [India], July 27 (ANI): Indian stock market experienced an increase in value with 0.29 per cent hike in the Nifty and 0.23 per cent hike in the Sensex on Thursday after the US Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday.

The Indian stock market opened on Thursday with a hike in the indices by 0.26 per cent.

On Wednesday, the Indian stock market saw positive trading, with the Nifty and Sensex both ending the day 0.5 per cent higher.

Out of the Nifty companies, 40 were in green and 9 in red at the start of the stock trading hour.

Power Grid, Adani ports, Divi’s Lab, UPL and Sun Pharma were the top gainers whereas MM, Tech Mahindra, Hindustan Unilever, Britannia and Eicher Motors were the top losers as of Thursday morning.

Indices increased by a total of 5.37 per cent over the past month.

To address the economy’s rising inflationary pressure, the US Federal Reserve has raised interest rates in a series of successive moves.

The benchmark federal fund rate is currently between 5.25 per cent to 5.5 per cent, which is the highest level since 2001.

Recent data suggests that the pace of economic growth has been moderate. In recent months, there have been significant job increases and the unemployment rate has stayed low. Inflation continues to be high.

The US Fed Committee aims to attain maximum employment and inflation at a longer-term rate of 2%. The Committee made the decision to increase the target range for the federal funds rate to 5.25 to 5.5 per cent in support of these objectives. (ANI)