Indian markets gain; Sensex up 113 pts; Nifty up 64 pts
The volatility in the stock market on Friday was seen after the US Federal Reserve announced hike in the policy rates and thereafter by the Bank of England by 75 basis points.
Mumbai (Maharashtra) [India], November 4 (ANI): Indian stocks on Friday morning traded steadily, went into negative territory in the afternoon, and then recovered the losses to close with gains. S&P BSE Sensex gained 113.95 points to settle at 60,950.36 level whereas Nifty50 rose 64.45 points to close at 18,117 level on Friday.
The volatility in the stock market on Friday was seen after the US Federal Reserve announced hike in the policy rates and thereafter by the Bank of England by 75 basis points.
On Friday, BSE SmallCap added 118.95 points with Kotak Bank, Maharashtra Bank, JK Lakshmi, DCB Bank, Cerebraint and Ethos, among the most active shares on the index. BSE LargeCap surged 24.42 points to 7,041.35, with Bajaj Finance, ONGC, Britannia, Siemens as among the most active stocks on the index.
The US Fed raised the key policy rate by 75 basis points to over a decade high at 3.75- 4.0 per cent in its latest monetary policy meeting. Notably, this is the fourth consecutive hike of such magnitude.
Back home in India, at 9.42 am, Sensex traded at 60,821.42 points, down 14.99 points or 0.025 per cent, whereas Nifty traded at 18,054.30 points, up just 1.60 points or 0.0089 per cent.
Among the Nifty 50 stocks, Hero Motocorp, Divi’s Labs, Infosys, Tech Mahindra, and Apollo Hospitals were the top five losers this morning, National Stock Exchange data showed.
Meanwhile, India’s foreign exchange reserves rose to USD 531.08 billion in the week through October 28, marking their biggest weekly gain since September 2021, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.
On the contrary, Bajaj Finserv, Hindalco, JSW Steel, Ultratech Cement, and Bajaj Finance were the top five gainers.
Tightening monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets.
Investors typically prefer stable markets in times of high market uncertainty. (ANI)
