PremiumShare Market Update: Indian markets traded in the flat territory for most of the day with Sensex closing 30 pts lower and Nifty 8 points higher.
Asian stock markets followed Wall Street higher on Tuesday after China's ruling Communist Party promised to shore up its sagging economy ahead of a Federal Reserve meeting traders hope will announce this interest rate cycle's final increase.
The Federal Reserve is widely expected to lift interest rates on Wednesday, but the central bank's statements will be scrutinized for clues on possible additional increases later in 2023.
Shanghai, Hong Kong, Seoul and Sydney advanced. Tokyo declined. UK and Europe markets remain steady.
Indian stock indices largely remained around the flat territory and closed flat, primarily due to a lack of fresh bets at higher levels. Some investors who have recently accumulated gains could be booking their profits.
Several analysts have been pointing out that any further rally from the current peak seems unlikely as valuations were higher, and that is what seems to have been happening in the past two-odd sessions. The indices had touched all-time highs early last week.
The Nifty 50 index ended 8 points higher at 19,680, while the S&P BSE Sensex dropped 30 points to close at 66,355. Nine of the 15 sectoral indices logged gains.
Metal index led the gain as JSW Steel, Hindalco, and Tata Steel topped the stock charts. NTPC and Ultratech Cements also featured among major gainers. Asian Paints shed 4%. ITC and Britannia shed more than 1.5% each.
Apart from Metal, which jumped more than 2%, Auto and Energy gained more than 0.5%. PSU Bank shed more than a per cent with FMCG also featuring among major laggards.
Asian stock markets followed Wall Street higher Tuesday after China's ruling Communist Party promised to shore up its sagging economy ahead of a Federal Reserve meeting traders hope will announce this interest rate cycle's final increase.
Japan's Nikkei share average ended lower with heavyweight technology stocks leading the losses, as risk appetite was sapped by caution ahead of interest rate decisions from key global central banks, including Japan's. The Nikkei index slipped 0.06%. The broader Topix ended up 0.18%.
Chinese stocks climbed sharply and the yuan firmed after the country's top leaders pledged to roll out further policy support to shore up a flagging post-COVID economic recovery.
The blue-chip CSI 300 Index snapped a six-day losing streak by closing up nearly 3% to record the best day since last November, while the Hang Seng Index jumped 4.1%.
European shares steadied near five-week highs on Tuesday, with miners and luxury stocks in the lead after China pledged more support for its slowing economy, but mixed earnings reports limited the upside.
UK's FTSE 100 gained at the open on Tuesday, with mining stocks among top gainers after Beijing pledged to step up policy support for the Chinese economy, while consumer staples major Unilever advanced after beating quarterly sales estimates.
KPIT Technologies Ltd reported a significant 56.8% year-on-year increase in its consolidated net profit (attributable to owners of the company) for the first quarter of the fiscal year ending in June (Q1FY24), reaching ₹133.9 crore. This is compared to a profit of ₹85.4 crore in the corresponding period of the previous year. Moreover, the consolidated net profit also rose by 20% sequentially from ₹111.6 crore in Q4FY23.
The company's consolidated total revenue from operations also witnessed substantial growth, rising by nearly 60% YoY to ₹1,097.6 crore during the quarter ended in June, compared to ₹685.7 crore in Q1FY23. Sequentially, the total revenue increased by 7.9%. The total income for the first quarter reached ₹1,119.1 crore, a significant rise from ₹701.6 crore in the year-ago period. (Read More)
Jubilant FoodWorks, the operator of Domino's Pizza chain in India, reported a consolidated net profit of ₹28.9 crore in the first quarter of FY24. This is in comparison to a net profit of ₹112.6 crore in the same quarter of the previous fiscal year.
The company's consolidated revenue for Q1FY24 witnessed a modest increase of 1.7% to ₹1,334.5 crore from ₹1,312 crore in the same period last year.
On a standalone basis, Jubilant FoodWorks recorded a growth of 5.6% YoY in its revenue from operations, reaching ₹1,309.7 crore. The growth was primarily driven by a substantial increase of 8.4% in Domino's Delivery channel sales. (Read More)
The Securities and Exchange Board of India(SEBI) on 25 July amended the stock brokers' rule concerning the registration of entities for participation in the tri-party repo segment for corporate bonds. The market regulator says this move will boost liquidity in the segment.
"No separate registration shall be required for any person registered with the limited purpose clearing corporation as a participant for participating in the tri-party repo segment for undertaking proprietary trades in corporate bonds," the Sebi said in a notification issued on Monday. (Read More)
Retail leasing in India experienced a remarkable 24% year-on-year growth during the first half of 2023, reaching an impressive 2.87 million square feet, as per a report by CBRE.
Titled 'India Market Monitor Q2 2023', the report emphasizes the robust momentum in retail leasing during H1 2023, showing a 15% increase compared to H2 2022. The significant growth in retail leasing reflects positive trends in the Indian retail market and highlights the continued interest and investment in the retail sector in the country.
“We foresee a consistent growth in secondary leasing, while primary leasing is likely to pick up pace, fuelled by a strong supply pipeline and the forthcoming festive season," said Anshuman Magazine, chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE. He further pointed to increased traction in the luxury sector due to the potential entry of more international brands across various categories. (Read More)
Unilever Plc exceeded market estimates with a remarkable 7.9% growth in sales during the second quarter of the current financial year. To counter inflationary pressures, the UK-based firm implemented price increases for products such as Dove soap and Knorr stock cubes. As a result, Unilever reported signs of inflation easing.
Furthermore, the company displayed a significant deceleration in its cost inflation, which reduced to approximately €400 million ($443 million) in the second half from around €1.5 billion in the first half of the financial year. The positive financial results were well-received by investors, as the stock surged by as much as 4.5% in London. (Read More)
India’s move to ban certain rice exports has sparked some panic buying in various countries, with videos on social media showing bags of the staple food flying off the shelves and long lines outside grocery stores.
From the US to Canada and Australia, reports of overseas Indians stocking up are going viral. Some shops have imposed buying limits, while others hiked prices to cash in on the frenzy. Indian restaurants worry about a shortage.
Rice is vital to the diets of billions in Asia and Africa. India’s restrictions, which apply to shipments of non-basmati white rice, are aimed at controlling local prices, but they add to strains on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine. (Bloomberg)
SpiceJet's share price experienced a notable increase of nearly 5% during Tuesday's trading session in response to the Directorate General of Civil Aviation (DGCA) relieving the airline by removing it from the enhanced surveillance regime. The news was reported by various media outlets.
At the opening on the BSE, SpiceJet's share price stood at ₹29.70 apiece. During the trading session, the share price reached an intraday high of ₹31 and a low of ₹29.40.
Due to issues, SpiceJet reported during the monsoon season last year, the airline was placed under enhanced surveillance about a fortnight ago as a precautionary measure. The DGCA conducted up to 51 spot checks on SpiceJet's fleet of Boeing 737 and Bombardier DHC Q-400 aircraft across 11 locations in India before deciding to remove the airline from the enhanced surveillance regime. (Read More)
Asian Paints reported 52% year-on-year rise in consolidated net profit at ₹1,574.8 crore in the first quarter ended June 2023. The company's net profit in the corresponding quarter last year was ₹1,036 crore.
The company’s consolidated revenue from operations during Q1FY24 rose 5.5% to ₹9,182.31 crore from ₹8,606.94 crore, YoY.
Bajaj Auto Ltd on Tuesday reported a 42% year-on-year rise in its net profit for the fiscal's first quarter ended June (Q1FY24) to ₹1,664.77 crore. The company had reported a profit of ₹1,173.30 crore in the year-ago period. Sequentially, consolidated net profit was rose 16% from ₹1,432.88 crore in Q4FY23. Bajaj Auto shares opened at ₹4,870.05 apiece on BSE.
GG Engineering shares have been on an uptrend for the past month. Despite facing selling pressure for an extended period, this penny stock in the Indian stock market is attempting to break out of the base building phase. Over the last month, this small-cap stock, which trades below ₹5, has yielded an impressive return of more than 30% for its shareholders.
However, in early morning trading, the small-cap stock experienced some pressure. Nevertheless, following the announcement of its Q1 results for 2023, the stock saw a significant surge in buying interest, resulting in a bounce back of over 5% from its intraday low. (Read More)
Gaurav Jani - Research Analyst, Prabhudas Lilladher Pvt Ltd: HDFC Asset Management Company (HDFCAMC IN) -
Rating: BUY | CMP: Rs2,502 | TP: Rs2,800
Q1FY24 Result Update - Equity market share continues to improve
Quick Pointers:
§ Core earnings in-line at Rs3.0bn; revenue miss was offset by lower opex.
§ Equity market share enhanced by 28bps QoQ to 11.7%.
We raise multiple for HDFCAMC from 27x to 35x (5-yr avg. of 40x) as core PAT is upgraded by 7.0% for FY24/25E, due to higher revenue given strong AuM growth in FY24E. Equity growth may outpace industry (+13% YTD) given (1) market share gains from healthy net flows led by superior performance and (2) concerns around TER impact on earnings have been allayed as SEBI will release a new consultative paper. HDFCAMC saw a mixed quarter; despite higher QAAuM growth, core income was a miss due to lower yields and higher opex. However, core profit was protected due to lower tax rate. Company remains top performer in 1-yr and 3-yr buckets while it also moved to rank-1 in the 5-yr bucket. Equity market share is rising and touched 11.9% (+13bps QoQ). Over FY23-25E, we see a core PAT CAGR of 12.7% (earlier 8.7%) with stable core income of 35-36bps. Stock is currently valued at 31x on FY25E core EPS. We raise TP from Rs2,100 to Rs2,800. Retain BUY.
Global investment firm Prosus (formerly Naspers) said that it had resigned from Byju's board because, even as the edtech grew considerably over time, its reporting and governance structures did not evolve sufficiently for a company of that scale.
This is the first time that one of the three non-promoter directors on the board of Byju’s, who resigned in June, revealed the reasons for leaving the board. (Read More)
SJVN's share price has been on an impressive upward trajectory for the fifth consecutive trading session on Tuesday, fueled by multiple project wins in recent days. During today's session, the share price soared by 9.8%, reaching an all-time high. Over the course of the last five trading sessions, SJVN shares have surged by a remarkable 31%, surging from ₹45.80 to ₹59.90 (CMP).
At the opening on the BSE, SJVN's share price stood at ₹60 apiece, and during intraday trading, it reached a high of ₹62.75 and a low of ₹59.39.
The surge in share price can be attributed to SJVN securing five hydro projects in Arunachal Pradesh, with a combined capacity of 5097 MW. The awarded projects are as follows: 3097 MW Etalin, 680 MW Attunli, 500 MW Emini, 420 MW Amulin, and 400 MW Mihumdon. The news of these significant project wins has bolstered investor confidence in the company's growth prospects, leading to an impressive increase in share price. (Read More)
Larsen & Toubro (L&T), a prominent infrastructure major, is scheduled to announce its Q1 results on Tuesday, July 25. The company is anticipated to achieve robust earnings growth for the quarter ending in June 2023, primarily supported by a healthy order book.
As per the average estimates of analysts, L&T's consolidated net profit in Q1FY24 is expected to witness a significant year-on-year (YoY) increase of approximately 25%, reaching ₹2,130 crore.
Moreover, the infrastructure giant is likely to report a revenue growth of around 13% YoY in the first quarter of FY24, amounting to ₹40,500 crore. (Read More)
Sameer Bhise of JM Financial Institutional Securities views on Canara Bank: BUY INR 395
Canara Bank reported a healthy operating profit of INR 76.0bn (+15% YoY, +5% QoQ) supported by a) stable NIMs at 3.05% (-2bps QoQ), b) moderation in operating expenses (+9.8% YoY, -4.2% QoQ) and c) higher other income driven by PSLC fees, despite modest growth momentum (loan and deposits growth of 13.3% and 6.6% YoY resp.). Increase in cost of funds was set off by upward repricing of yield, which aided stable NIMs and management indicated that they expect the NIMs to stay near current levels going ahead as well. Asset quality metrics continued to show improvement with GNPL/NNPL at 5.15%/1.57% (-20bps/-16bps QoQ) with increase in PCR to 70.6% (+165bps QoQ). Cost to income at 43.61% is one of the lowest in several years, which along with healthy PPOP and moderate credit costs, aided by the bank to report an ROA in excess of 1.0% for the first time after FY2011. We expect CBK’s rerating to continue going ahead driven by a) expansion in return profile RoA/RoE being 1.0%/18.3% by FY25E and b) stable asset quality with moderate credit costs. Maintain a BUY with a TP of INR 395 (valuing core bank at 0.8x FY25E BVPS)
According to brokerages, after the demerger of its hotel operations into a new firm called ITC Hotels, the share price of ITC Hotels is expected to range between ₹15 to ₹27. In this new structure, ITC will hold a 40% stake, while the remaining 60% will be directly owned by shareholders.
However, despite the potential positive impact of the demerger, ITC's share price experienced a decline in Tuesday's trade, marking the second consecutive session of losses. The stock opened at an intraday high of ₹469.95 apiece on the BSE.
“Post the demerger news, the ITC stock price have seen profit booking from yesterady's session, considerign the momentum there may be further profit booking in the near term. Next support is seen around 443 i.e. the recent swing low , ideally prices should hold this level to resume uptrend. 480 is considered as resistance on immediate basis," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One. (Read More)
Knight Frank India today released its 37th edition of the Knight Frank-NAREDCO Real Estate Sentiment Index Q2 2023 (April-June) report which cited that the Current Sentiment Score scaled up from the previous quarter’s 57 to 63, in the optimistic zone.
This is due to the continued resilience of the Indian economy amid a recessionary environment globally. The Current Sentiment Score signifies stakeholders’ current outlook in comparison to the preceding six months.
India's position as the world's fastest-growing economy has positively influenced stakeholder sentiments in Q2 2023, with the Current Sentiment Index Score rising from 57 to 63. The Indian economy's bounce back amid high
inflation in developed markets has led stakeholders to remain confident about the domestic economic climate and the real estate sector performance for the next six months
Suzlon Energy shares have been on an uptrend since the morning deals on Tuesday. The share price opened positively at ₹20.25 apiece on the NSE and further surged to an intraday high of ₹20.80 per share, marking a new 52-week high. This peak also aligns with Suzlon's share price levels from May 2017, making it a six-year high for the energy stock.
Stock market experts anticipate that Suzlon Energy will announce its Q1 results for the financial year 2023-24 today. Investors are optimistic about the quarterly numbers as the company's management has been actively addressing its fund crisis, leading to better expectations for the sequential performance. The positive sentiment in the market has contributed to the recent surge in Suzlon's share price. (Read More)
Non-banking financial company TVS Credit Services Ltd has reported a 40.9 per cent rise on its net profit for the quarter ending June 30,2023 at ₹117 crore, the company said on Tuesday. TVS Credit Services had reported ₹83 crore as net profit during the corresponding quarter of previous year. Total income during the quarter under review grew to ₹1,353 crore from ₹868 crore registered in the same period of last year. The assets under management during the April-June quarter stood at ₹21,924 crore as compared to ₹15,396 crore recorded in the corresponding quarter of last year. (PTI)
Tata Steel's share price bounced back from early losses on Tuesday, registering a gain of over 1% as the company's Q1 results were in line with analysts' expectations. The shares rose by as much as 1.68% to reach ₹117.20 per share on the BSE.
In its Q1 report for the fiscal year ending in June 2023, Tata Steel disclosed a significant 92% year-on-year drop in its consolidated net profit, amounting to ₹525 crore. The decline in profit was primarily attributed to the weak performance of its Europe operations. Comparatively, during the same period in the previous year, the company had reported a profit of ₹7,714 crore. Additionally, the consolidated net profit also decreased by 63% sequentially from ₹1,566 crore in Q4FY23. (Read More)
As speculations about a possible 25 bps rate hike ahead of the US Federal Reserve meeting circulated, the US dollar (USD) surged to a one-week high, resulting in downward pressure on precious metals like gold and silver, as well as other assets.
On the Multi Commodity Exchange (MCX), the gold future contract for August 2023 expiry opened lower at ₹59,241 per 10 gm and quickly dropped to an intraday low of ₹59,055 shortly after the commodity market's opening bell. In the international market, the gold price rebounded from an intraday low of $1,954 per ounce and reached an intraday high of $1,963 during early morning trade in various Asian markets.
As for silver, the rate opened higher at ₹74,379 per kg on MCX but experienced profit booking at higher levels, leading to a decline to the intraday low of ₹74,268. In the international market, the silver price hovered around $24.50 per ounce, marking an increase of approximately 0.80% during early morning deals on Tuesday. (Read More)
TVS Motor's share price experienced a notable increase of over 2% during Tuesday's trading session, buoyed by the company's strong financial performance in Q1FY24 (April-June). The share opened at an intraday high of ₹1,343.95 apiece on the BSE and is currently hovering near its 52-week high level.
In the previous day's report, TVS Motor announced an impressive 42.2% year-on-year (YoY) growth in its consolidated net profit for the first quarter of the fiscal year ending in June (Q1FY24), reaching ₹434.30 crore. Additionally, the company's consolidated total revenue from operations witnessed a substantial increase of 23.8% YoY, amounting to ₹9,055.51 crores during the quarter, compared to ₹7,315.70 crore in Q1FY23. (Read More)
India’s market regulator is working to offer instant trade settlement in the cash equity market, one of a range of plans unveiled Monday.
Investors who opt for instant settlement will save margin money, Securities and Exchange Board of India Chair Madhabi Puri Buch said at a briefing in Mumbai. Technology-driven regulatory measures such as the so-called Application Supported by Blocked Amount and tighter settlement and redemption periods for equities and mutual funds have resulted in annual savings of about 35 billion rupees ($366 million) for investors and instant settlement would add to that number, she said.
Instant settlement would be the third in a series of moves to enhance capital efficiency and reduce transaction risk. Earlier this year India became the second market after China to move to a trade-plus-one-day (T 1) settlement cycle. Most countries still take two or more days.
On Tuesday, the Indian rupee made gains against the US dollar, opening 11 paise higher, influenced by the positive performance of other Asian currencies and improved risk sentiment. The local currency started the day at 81.71 against the dollar, showing an improvement from the previous closing rate of 81.82.
Asian currencies, including the offshore Chinese yuan, experienced an overall rise, contributing to the weakened dollar index, which hovered close to 101.30. Investors are closely observing the outcome of the two-day US Federal Reserve meeting scheduled for Wednesday, as it holds potential implications for the currency markets. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: FPI flows have slowed down. In the last two days, FPIs have sold stocks worth ₹2081 crores indicating buying exhaustion. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99. Even though Nifty is showing signs of resilience, it is unlikely to race to 20000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market.
Globally markets will be keenly watching the Fed commentary since a 25 bp hike in rate is already known and discounted by the market.
Q1 results due today- Tata Motors, Bajaj Auto - and expected tomorrow- Axis Bank, Cipla, Dr Reddy’s, Bajaj Finance, Tech Mahindra - will influence stock prices and market sentiments.
Market is likely to consolidate within a band for now and wait for triggers to move, either up or down.
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] M&M Finance: Buy at ₹321, target ₹335, stop loss ₹316;
2] Hero MotoCorp: Buy at ₹3134, target ₹3250, stop loss ₹3100; and
3] GRSE: Buy at ₹608, target ₹640, stop loss ₹600.
HDFC AMC exhibited robust financial performance during Q1FY24. The company witnessed a notable increase in revenue, attributed to effective expense management, leading to a significant rise in profit after tax. The core Asset Management (AM) business also delivered strong results, with operating profit growing by 11%.
As of March 31, 2023, HDFC AMC's Quarterly Average Assets Under Management (QAAUM) amounted to ₹4,857 billion. This impressive figure accounts for a substantial 12.1% market share in the Indian asset management industry, reflecting the company's significant presence and influence.
The company's AUM is well-diversified across various asset classes. Equity-oriented funds make up 12.1% of the total AUM, while debt funds constitute 13.2%, and liquid funds account for 13.7%. This balanced product mix allows HDFC AMC to cater to different investor preferences and risk appetites, contributing to its overall success in the market. (Read More)
In the reported quarter, Tata Steel achieved consolidated revenues of ₹59,490 crores. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) amounted to ₹6,122 crores, resulting in an EBITDA margin of 10%. However, the Profit after Tax was ₹525 crores, which was impacted by a non-cash deferred tax charge associated with the buy-in transaction at British Steel Pension Scheme. This transaction successfully helped derisk Tata Steel UK.
During the same quarter, the company made significant investments in capital expenditure, amounting to ₹4,089 crores. The focus of these investments was on crucial projects, including the expansion of 5 million tonnes per annum (MTPA) at Kalinganagar and the establishment of a 0.75 MTPA Electric Arc Furnace (EAF) mill in Punjab. (Read More)
Top stocks in focus today:
1. Reliance Industries partners with Brookfield Infrastructure and Digital Realty Trust to develop data centers in India.
2. Tata Steel reports consolidated revenues of ?59,490 crores for the quarter.
3. Maruti Suzuki recalls 87,599 units of S-Presso and Eeco models for faulty steering tie rods.
4. Samvardhana Motherson acquires German polymer parts maker Dr Schneider's business.
5. TVS Motor Co. posts net profit of ?468 crore, up 46% from last year.
6. PMO initiates discussions on potential imposition of countervailing duty on stainless steel.
7. HDFC AMC's Q1FY24 revenue increases by 10% to Rs.5,745 crore.
8. SpiceJet's MD directed to appear in court for a hearing on 5 September.
9. Go First attempts to settle dispute with Delhivery.
10. Eros International Media faces scrutiny from Ministry of Corporate Affairs over fund siphoning allegations. (Read More)
The National Company Law Tribunal (NCLT) has postponed the hearing of the case filed by logistics company Delhivery Ltd against Go Airlines Ltd (operating as Go First) to the third week of August. The decision to defer the case comes in light of the information provided by Go First's counsels, who informed the court about ongoing settlement discussions outside of the court.
Earlier, in June, the NCLT had accepted Delhivery's plea, in which the logistics company accused Go First of knowingly accepting payments despite being aware of the airline's intention to file for voluntary insolvency with the tribunal. The case will now resume in August, giving both parties more time to explore the possibility of reaching a resolution through settlement talks. (Read More)
The Prime Minister’s Office (PMO) has initiated discussions on the potential imposition of countervailing duty (CVD) on stainless steel, raising hopes within the industry that such an action will curb cheap imports from China and support small and medium producers in India, two people familiar with the development said.
The PMO has started talks with the industry and the ministries of steel and commerce, the people said, requesting anonymity. “The PMO has sought details on the impact of not implementing CVD on local producers," one of the two people said. (Read More)
In its second international acquisition this month, Samvardhana Motherson International, an auto parts maker, announced on Monday its plan to acquire the business of German high-end polymer parts maker, Dr Schneider, at an enterprise value of €118 million. This strategic move aims to bolster Motherson's presence in the interior polymers sector, enabling the company to offer a wider range of premium lighting panels and air vents. Earlier this month, Motherson also successfully acquired Honda's Yachiyo sunroof business.
The acquisition aligns with promoter Vivek Chaand Sehgal's growth strategy, which focuses on seizing aggressive inorganic acquisition opportunities. To date, the company has already completed over two dozen domestic and international business acquisitions, further cementing its position in the market. (Read More)
In a recent joint statement, Reliance Industries Ltd (RIL) revealed its collaboration with Brookfield Infrastructure Partners LP and Digital Realty Trust Inc. to establish special purpose vehicles (SPVs) focused on developing data centers in India. Under this three-way venture, RIL will hold a significant 33.33% stake in the SPVs.
Furthermore, the statement mentioned that RIL will also become part of a previously announced joint venture between Digital Realty and Brookfield Infrastructure. In this arrangement, RIL will hold an equal stake, solidifying its position in the partnership. It is worth noting that Digital Realty is a well-established provider of cloud and data center solutions. (Read More)
Wall Street stocks advanced Monday ahead of major earnings and central bank announcements as the Dow won its 11th-straight gain.
The ascent of the blue chip index has bolstered hopes that the stock market rally of 2023 could be extended as the advance broadens beyond technology companies.
The Federal Reserve is widely expected to lift interest rates on Wednesday, but the central bank's statements will be scrutinized for clues on possible additional increases later in 2023.
"US stocks are catching a modest bid here as optimism grows that the Fed won't remain hawkish and will likely signal they will deliver one more hike and potentially pause for a long time," said Oanda's Edward Moya.
The Dow Jones Industrial Average finished up 0.5 percent at 35,411.24 as the index touched a fresh 15-month peak during the trading.
The broad-based S&P 500 advanced 0.4 percent to 4,554.64, while the tech-rich Nasdaq Composite Index added 0.2 percent at 14,058.87. (AFP)
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