Bullish Trend Continues In Indian Markets For 3rd Straight Week

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Guwahati: The Indian markets continued to rise on Tuesday as S&P the Nifty 50 gained 133 points to 18,145.40, while the BSE Sensex increased by 374 points to 61,121.35.

BSE LargeCap, one of the major market indices, rose 54 points to 7,051.06. The most active stocks on the index include Adani Enterprise, NTPC, Powergrid, and Nykaa. BSE MidCap had a gain of almost 263 points, with Delhivery, Adani Power, Voltas, and Laurus Labs among the most active companies on the index. Renuka Sugars, Equitas, Infibeam, ITI, Orient Hotels, and Unichem Lab were some of the most active stocks on the BSE SmallCap index, which saw a gain of 73 points to 28,891.11.

The benchmark index Sensex broke beyond 60,000 on Monday, continuing the bullish trend in Indian stock indices for the third week in a row. Investors rejoiced at the news that the Federal Reserve will take its time raising interest rates, and the bulk of Asian markets rallied and traded in the green. Following the indications of the news of the Federal Reserve’s dovish stance, European markets also opened higher.

At 9.41 am, the Sensex was up 339.46 points or 0.56 percent at 61,086.05 points, while the Nifty was up 109.50 points or 0.61 percent at 18,121.70 points.

The top five gainers among the Nifty 50 equities this morning were Dr. Reddy’s, NTPC, Divi’s Labs, Adani Enterprises, and Apollo Hospitals Enterprise.

The US markets ended lower yesterday as investors’ attention turned to the Federal Reserve’s policy meeting this week (November 1-2), but Mohit Nigam, Head – PMS, Hem Securities, predicted that markets would begin the new month on an upbeat note today thanks to steady foreign flows and the decline in crude oil prices.

According to Mohit Nigam, market confidence will improve as a result of the eight infrastructure businesses that make up the core sector recovering to grow at 7.9% in September, a three-month high, thanks to a favourable base and double-digit increase in output of cement, electricity, and fertilisers.

However, investors are worried about the dwindling foreign exchange reserves.

India’s foreign exchange reserves have been decreasing for several months due to the RBI’s market interventions to protect the weakening rupee.

India’s foreign exchange reserves dropped by USD 3.85 billion from the previous week to a new over two-year low of USD 524.520 billion for the week ending on October 21.

Since Russia’s invasion of Ukraine in late February, when imports of energy and other commodities became more expensive on a worldwide scale, India’s foreign exchange reserves have decreased by about USD 100 billion.

The reserves decreased by almost USD 115 billion cumulatively during the previous 12 months.

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