Stock market updates on November 02, 2023: Mirroring strong gains in Asian peers following a pause in rate hike by the US Fed and hints of a pivot in place, the Indian equity benchmark indices traded with a bullish bias on Thursday.
The S&P BSE Sensex was up over 550 points at 64,150. The NSE Nifty50 was seen quoting around the 19,150 level, up over 150 points.
Among the Sensex 30 stocks, IndusInd Bank, Infosys, Axis Bank, SBI, Kotak Bank, HCL Technologies and TCS were up over 1 per cent each. Tata Steel, however, was down a per cent post Q2 loss.
In the broader market, both, the BSE MidCap and SmallCap indices rallied over a per cent each. Sectorally, the BSE IT, Consumer Durables and Realty indices were up over a per cent each.
Overnight, the US market, rallied sharply after the US Fed left rates unchanged for the second straight time. The S&P 500 index was up 1 per cent, Nasdaq soared 1.6 per cent and Dow Jones gained 0.7 per cent each.
Fed chief Jerome Powell signaled that policymakers will remain on hold, downplaying the “efficacy” of the Fed’s September forecast for one more rate hike this year.
The 10-year Treasury yield fell to 4.71 per cent post market close. In commodities, Brent Crude quoted around $85 per barrel, while Gold prices dipped below the $2,000-mark.
Markets in the Asia Pacific region too were seen holding buoyant gains. Nikkei and Hang Seng had rallied over 1 per cent each, while Kospi and Taiwan gained 1.7 per cent each.
Back home, among stocks, shares of Adani Group are likely to be in focus as Adani Enterprises and Adani Power announce results. Among others, Dabur, Godrej Properties, IRFC, Karnataka Bank, Suzlon and Tata Motors are also scheduled to report September quarter earnings today.