Image Source : PTI/REPRESENTATIVE Stock markets update –November 2
Stock Markets: After two days of decline, Equity benchmark indices rebounded nearly 1 per cent in early trade on Thursday following a rally in global markets amid the US Fed keeping rates unchanged. The 30-share BSE Sensex jumped 593.8 points to 64,185.13 in early trade. The Nifty climbed 179.3 points to 19,168.45.
Among the Sensex firms, IndusInd Bank, Kotak Mahindra Bank, Axis Bank, Titan, Infosys, Bajaj Finance, State Bank of India, Tata Consultancy Services, ICICI Bank and HDFC Bank were the biggest gainers. Tata Steel emerged as the only laggard.
Asian and US markets
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. The US markets ended with gains on Wednesday.
“Even though the pause decision of the Fed was on expected lines, the commentary was not hawkish as the market feared. The Fed chief Jerome Powell’s comment that “despite elevated inflation, the longer-term inflation expectations remain well anchored” was taken by the market as a slightly dovish statement.
Global oil benchmark Brent crude jumped 0.99 per cent to USD 85.47 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,816.91 crore on Wednesday, according to exchange data.
Rupee rises against US dollar
The rupee appreciated by 9 paise to 83.19 against the US dollar in early trade on Thursday, tracking its Asian peers as risk-on sentiments prevailed in the market as the US Fed was a bit dovish in its policy meeting. A weak US dollar overseas and positive domestic equities supported the local unit in early trade, forex traders said.
The US Fed kept interest rates on hold, and its chairman looked content with the economy’s soft landing. Following the decision, the dollar index softened, and the 10-year bond yield fell to 4.70. At the interbank foreign exchange, the domestic unit opened at 83.23 against the dollar and then touched an early high of 83.19, registering a gain of 9 paise over its previous close.
(With PTI inputs)
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