The Sensex and Nifty are set to open higher as indicated by the Nifty futures traded on the Singapore Stock Exchange. The Singapore Nifty or SGX Nifty was up 0.34 per cent or 26 points at 7,786.
Overnight, The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signalling faith that the US economy had largely overcome the wounds of the 2007-2009 financial crisis.
The US central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 per cent and 0.50 per cent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs.
US stocks rallied on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the US economy.
The Dow Jones industrial average rose 224.18 points, or 1.28 per cent, to 17,749.09, the S&P 500 gained 29.66 points, or 1.45 per cent, to 2,073.07 and the Nasdaq Composite added 75.78 points, or 1.52 per cent, to 5,071.13.
Meanwhile, Asian stock markets jumped on Thursday as investors chose to take an historic hike in US interest rates as a mark of confidence in the world's largest economy.
Back home, foreign institutional investors sold shares worth Rs 503 crore while the domestic investors bought shares worth Rs 1,024 crore on Wednesday.
(With inputs from Reuters)
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