Mumbai, Nov 2 (IANS) A pause with dovish commentary from the US Fed led to a rebound in the global and domestic market sentiments on Thursday, said Vinod Nair, Head of Research at Geojit Financial Services.
Further, the fall in US bond yields indicates a prolonged pause in interest rate hike. And the domestic macros are favourable with positive auto numbers, a surge in GST collection, good factory data and better than estimated Q2 quarter earnings, he said.
The Nifty 50 index ended around 150 points up at 19,133 on Thursday, while the Sensex rose almost 500 points to close at 64,080.
Most sectors closed in green on Thursday. Nifty reality, Nifty PSU bank and Nifty metal all outperformed on Thursday, closing positive at 2.52 per cent, 1.50 per cent, and 1.40 per cent, respectively, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.
The Indian markets largely gained as a consequence of the Federal Reserve keeping its benchmark lending rate between 5.25 per cent and 5.5 per cent, which helped the market close positively on Thursday despite US economy indicating rise of inflation and economic development, he said.
Following the release of strong financial results for the September quarter of the current fiscal year by the state-run corporation, REC closed Thursday over 6 per cent higher. According to REC, formerly known as Rural Electrification Corporation, the company’s earnings increased 30.72 per cent year over year to Rs 3,789.90 crore, Vidwani said.
Britannia Industries, Hindalco Industries, IndusInd Bank, Apollo Hospitals, and Eicher Motors were the top gainers on the Nifty, while Hero MotoCorp, Tech Mahindra, Bajaj Auto, Bajaj Finance and ONGC were the top losers.
–IANS
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