Sensex gains 490 pts, Nifty closes above 19,100 following dovish stance by the Fed chair

Sensex gains 490 pts, Nifty closes above 19,100 following dovish stance by the Fed chair

Ira Singh
02 Nov’23

The Indian equity benchmark indices rebounded nearly 1 per cent in early trade on Thursday amid positive cues including no rate hike by the US Fed, falling US bond yield and crude oil prices.

At close, the Sensex was up 489.57 points or 0.77 percent at 64,080.90, and the Nifty was up 144.10 points or 0.76 percent at 19,133.25.

Stocks and Sectors

Britannia Industries, Hindalco Industries, IndusInd Bank, Apollo Hospitals and Eicher Motors were the top gainers on the Nifty,while losers included Hero MotoCorp, Tech Mahindra, Bajaj Auto, Bajaj Finance and ONGC.

On the sectoral front,all indices ended in the green with metal, capital goods, FMCG, power, oil & gas, realty up 1-2 percent each.BSE Midcap and smallcap indices were up 1 percent each.

On 2 Nov’23,the Indian rupee appreciated by 9 paise to close at 83.19 against the U.S. dollar in early trade on Thursday, tracking its Asian peers as risk-on sentiments prevailed in the market as the U.S. Fed was a bit dovish in its policy meeting.

A weak U.S. dollar overseas and positive domestic equities supported the local unit in early trade, forex traders said.

Experts Take:
Market experts have recommended six stocks to buy for Thursday-Birla Soft, Mcdowell_N (United Spirits), Welspun Corp, DLF, CreditAccess Grameen Ltd, and Coforge.