Stock markets jump in early trade after two days of fall, Rupee rises against dollar

Image Source : PTI/REP Stock markets update — November 2

Stock Markets: After two days of decline, benchmark Equity indices rose nearly 1 percent in early trade on Thursday after a rally in global markets amid the United States 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 top gainers. Tata Steel emerged as the only laggard.

Asian and US markets

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong traded in the green. US markets ended with gains on Wednesday.

“Although the Fed’s pause decision was on expected lines, the commentary was not as hawkish as the market had feared. Fed chief Jerome Powell said that “despite rising inflation, the longer-term inflation expectations are well secured” market as a slightly dovish statement.

Global oil benchmark Brent crude jumped 0.99 percent 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 sentiment prevailed in the market as the US Fed was slightly 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 pleased with the economy’s soft landing. After the decision, the dollar index moved, and the 10-year bond yield fell to 4.70. At the interbank foreign exchange, the domestic unit opened at 83.23 per dollar and then touched an early high of 83.19, registering a 9-stop gain over its previous close.

(With PTI inputs)

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