The markets bounced back on Thursday as the BSE Sensex climbed 513.29 points to touch 58,578.76 levels in early trade while the Nifty jumped 154.5 points to 17,428.80. The key benchmark equity indices opened higher amid mixed global cues and strong foreign flows. The gains were led by the index heavyweights Reliance Industries, IT and banking stocks.
Hindalco, Coal India, JSW Steel, Tata Motors and HCL Tech are among the top gainers on National Stock Exchange as the stocks rose as much as 2.70 per cent. On the other hand, Bajaj Finance, Cipla, Divi’s Lab, Hindustan Unilever and HDFC were non-performing stocks.
The rupee also depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid high volatility as rising crude oil prices weighed on the local unit, reported news agency PTI.
Meanwhile, Wall Street stocks closed lower on Wednesday falling from their late-day surge after data showing strong US labour demand again suggested the Federal Reserve will keep interest rates higher for longer.
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The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet November 1-2, the pricing of fed fund futures shows, according to CME’s FedWatch tool, reported news agency Reuters. The dollar eased ahead of US non-farm payroll data, and oil prices increased for the fourth day after the deep production cuts pledged by OPEC+ members.
Asian stocks were mixed during the market opening on Thursday. Japan’s Nikkei share average hit a two-week high on Thursday, extending its rebound from a multi-month low to a fourth session, with energy and chip-related stocks leading the way.
The Nikkei ended the morning session 0.92 per cent higher at 27,370.37. Earlier in the session, it rose to its highest level since September 21 at 27,391.69, poking above the 200-day moving average at around 27,317.
South Korea’s KOSPI rose 1.26 per cent, while Hong Kong’s Hang Seng index fell 0.59 per cent.
Oil prices edged up after OPEC+ agreed to slash oil production by about 2 million barrels per day, further tightening global crude supply.
(With agency inputs)