MUMBAI, Oct 29: Stock market benchmark indices Sensex and Nifty settled in the positive territory on Wednesday, tracking a rally in global peers, amid hopes of a rate cut by the US Federal Reserve and fresh foreign fund inflows.
The 30-share BSE Sensex climbed 368.97 points or 0.44 per cent to settle at 84,997.13. During the day, it jumped 477.67 points or 0.56 per cent to 85,105.83.
The 50-share NSE Nifty went up by 117.70 points or 0.45 per cent to 26,053.90.
From the Sensex firms, Adani Ports, NTPC, Power Grid, HCL Tech, Tata Steel, Sun Pharma, Trent and Asian Paints were among the major gainers.
However, Bharat Electronics, Eternal, Mahindra & Mahindra and Maruti were among the laggards.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index settled higher.
Markets in Europe were trading mostly higher. US markets ended in positive territory on Tuesday.
“The domestic market ended on a strong note, supported by positive cues from Asian markets and improved clarity on global trade dynamics. Optimism over potential progress in India–US trade talks further lifted sentiment.
“The upcoming Fed decision remains a key event for global markets; although a 25-bps rate cut is widely anticipated, investors will closely track its commentary for further rate cuts, which will guide the future market trajectory,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 10,339.80 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.23 per cent to USD 64.55 a barrel.
On Tuesday, the Sensex declined 150.68 points or 0.18 per cent to settle at 84,628.16. The Nifty dipped 29.85 points or 0.11 per cent to 25,936.20. (PTI)
The post Stock markets rally on US Fed rate cut hopes, fresh foreign fund inflows appeared first on Daily Excelsior.