Indian shares rebound over 1 percent as Brent crude rises
Indian equity benchmarks closed higher on October 29 after the Federal Reserve held rates steady, while Brent crude advanced on Houthi attack claims.
KEY POINTS
- Nifty 50 closed at 22,936.75, up 1.05 percent on October 29
- Sensex rose 1.24 percent to 74,151.04
- Federal Reserve kept rates at 3.75 to 4 percent
- Brent crude rose 2.2 percent to 117.4 dollars a barrel
- Foreign investors sold 9.44 billion rupees; domestic investors bought 19.24 billion rupees
Indian shares closed higher on October 29 as quarterly results supported a broad rebound. The Nifty 50 ended at 22,936.75, up 237.90 points or 1.05 percent. The BSE Sensex rose 905.01 points or 1.24 percent to 74,151.04.
The Federal Open Market Committee kept its federal funds target range at 3.75 to 4 percent in a decision announced October 28 and effective October 29. The rate decision supported market sentiment alongside broad-based buying across sectors.
“cautiously positive”
Foreign portfolio investors were net sellers of 9.44 billion rupees in equities on October 29. Domestic institutional investors bought 19.24 billion rupees, according to provisional figures cited by Reuters.
Brent crude futures rose 2.2 percent to 117.4 dollars a barrel in early Friday coverage. Reuters linked the move to Houthi claims of attacks on Saudi sites, including the Ras Tanura refinery.
The Associated Press said the Ras Tanura claim had not been independently verified and Saudi Arabia had not commented at the time. Brent crude was set to end October with about 14 percent appreciation.
On October 30, Reliance Industries scheduled its board to consider results for the quarter and half year ended September 30. GIFT Nifty futures stood at 22,981 ahead of the session, indicating a possible direction before trading began.
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