Market Update:
The S&P BSE Sensex climbed 575 points or 0.7% to close at 82,605, while the Nifty 50 added 178 points or 0.71% to finish at 25,323.
Among the gainers:
Bank of Maharashtra surged 7.6% to a one-year high, lifted by strong loan growth, stable asset quality, and a smaller-than-expected dip in net interest margin. This pushed the PSU Bank index up 1.7%.
ICICI Lombard General Insurance rallied 8.9% after posting higher September-quarter profits.
Persistent Systems climbed 7.2%, leading IT stock gains following robust earnings.
Larsen & Toubro rose 2.3% after Jefferies raised its target price on the infrastructure giant.
On the flip side, Cyient DLM fell 6% after reporting weaker quarterly revenue and profit.
Broader markets also advanced, with mid-caps up 1.1% and small-caps up 0.8%.
Expert View:
Vinod Nair, Head of Research at Geojit Investments, said the market inched higher after two days of selling, supported by dovish comments from the Fed chair and an expected end to quantitative tightening.
He added, “The US 10-year yield declined while the rupee gained, indicating a momentum shift of FIIs toward emerging markets like India. Realty outperformed on easing interest rates and attractive valuations, while positive global cues supported IT and Metal indices.”
Global Markets:
Global equities rebounded after U.S. Fed Chair Jerome Powell’s dovish remarks and upbeat bank earnings lifted sentiment. The dollar weakened as investors shifted toward risk assets.
In Europe, the Stoxx 600 rose 0.7%, with France’s CAC 40 jumping 2.4%, led by LVMH’s 12% surge after strong earnings.
U.S. futures pointed to further gains: Nasdaq futures +0.5%, S&P 500 futures +0.4%.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 2.1%, led by Hong Kong’s 2% gain.
Meanwhile, spot gold breached $4,200 an ounce, extending its record run amid geopolitical tensions and bets on a U.S. rate cut.
Crude Update:
Oil prices slipped as the IEA forecasted a supply surplus in 2026 and trade tensions between the U.S. and China weighed on demand.
Brent crude fell 0.3% to $62.18/bbl
WTI eased 0.2% to $58.57/bbl
Rupee vs Dollar:
The Indian rupee surged to 88.0750, its strongest one-day gain in nearly four months, up 0.8%, aided by central bank intervention and unwinding of bearish bets. Meanwhile, the dollar index slipped 0.2% to 98.8, following Fed Chair Powell’s comments fueling rate-cut expectations.