Mumbai (Maharashtra) [Mumbai], November 2 (ANI): The stock market displayed a promising upward trend as it opened in the green, signalling a positive shift after recent losses. Investors and traders alike found renewed optimism in the market.
The Sensex surged by an impressive 564.08 points, opening at 64,164.31, while the Nifty experienced an uplifting start with a gain of 168.30 points, opening at 19,157.45.
The majority of nifty companies, precisely 49, were positioned as advances, with just one company witnessing a decline.
At the time of the market opening on Thursday, Britannia, LITMindtree, IndusInd Bank, Bajaj Finance, and SBI Life emerged as the top gainers. Tata Steel was the only exception, incurring losses at the opening bell.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Dovish signal by the US Fed, kept interest rate unchanged and Fed Chair Jerome Powell left the door open for further hikes interest rate lifted the global market between 1-2 per cent. The US market gained up to 2 per cent. Asian markets surged between 1-2 per cent and Gift Nifty soared 1 per cent after the Fed chief Jerome Powell signalled that policymakers will remain on hold, downplaying the “efficacy” of the Fed’s September forecast for one more rate hike this year”.
One of the driving forces behind this positive momentum was the dovish signal from the US Federal Reserve. The Fed chose to keep interest rates unchanged, and Fed Chair Jerome Powell left the door open for potential future rate hikes.
Aggarwal, “US 10-Year bond decline by 27bps to close 1-month low at 4.70 per cent. The US Volatility Index (Vix) slipped 10 per cent to close 1-month low at 16.4. Brent Crude fell to a 1-month low at USD 85/bbl. Back home, Auto stocks will be in focus after announcing strong October month sales data. Metal stocks will be positive on account of increased base metal price on LME and fall in the US Dollar Index. Yesterday FIIs sold: -Rs1817 crore & DIIs bought: +Rs 1622 crore”.
This decision resonated positively across global markets, with gains of 1-2 per cent observed in the US market and similar surges in Asian markets. Gift Nifty, in particular, enjoyed a 1 per cent jump after Jerome Powell indicated that policymakers would remain on hold, downplaying the “efficacy” of the Fed’s September forecast for one more rate hike this year.
The impact of these developments rippled through various financial indicators. The US 10-year bond yields experienced a notable decline of 27 basis points, marking a 1-month low at 4.70 per cent.
The US Volatility Index (Vix) slipped 10 per cent, reaching a 1-month low at 16.4. Additionally, Brent Crude oil prices declined, falling to a 1-month low at USD 85 per barrel.
Domestically, auto stocks garnered significant attention as they announced robust October sales data.
Meanwhile, metal stocks appeared poised for a positive performance, partly due to the increased base metal prices on the London Metal Exchange (LME) and the fall in the US Dollar Index.
Market activity on the previous day saw Foreign Institutional Investors (FIIs) selling equities worth Rs 1,817 crore, while Domestic Institutional Investors (DIIs) were buyers, investing Rs 1,622 crore.
These investment trends reflected a dynamic market environment that continues to capture the interest of both local and global investors. (ANI)
