Sensex, Nifty Rise Despite Volatility; Global Trends shape Market

On Wednesday, October 23, 2024, Indian benchmark equity indices BSE Sensex and Nifty 50 traded higher, albeit with persistent market volatility. By 10 AM, the BSE Sensex had gained 139.72 points (0.16%) to attain eighty,351.44, whilst the Nifty 50 saw an upward push of 28.75 factors (0.12%), standing at 24,500.85

Bajaj Finance led the rally at the Sensex with a 3.15% growth, followed by profits in Bajaj Finserv, HDFC Bank, Tata Steel, and Nestle India. In contrast, Mahindra & Mahindra suffered the maximum great losses, down through 1.17%, trailed by Power Grid Corp., Sun Pharma, Asian Paints, and NTPC.

Similarly, at the Nifty 50, Bajaj Finance persevered to guide with a 2.76% rise, using Bajaj Finserv, Bajaj Auto, Adani Enterprises, and HDFC Bank. The biggest losers protected Mahindra & Mahindra (down 1.36%), Eicher Motors, Power Grid Corp., Shriram Finance, and Dr Reddy’s.

Sectorally, indices showed a blended performance. The Realty, Healthcare, Pharma, and Auto indices had been buying and selling inside the pink, whilst IT and Metal indices registered marginal gains. Broader markets additionally saw growth, with the BSE Midcap index advancing through 0.21% and the BSE SmallCap mountain climbing 0.51%.

On Tuesday, both the BSE Sensex and Nifty 50 had closed over 1% lower. The Sensex plunged 930.55 factors (1.15%) to settle at eighty,220.72, at the same time as the Nifty 50 dropped 309 factors (1.25%) to close at 24,472.10. The Nifty Smallcap a hundred and Nifty Midcap a hundred have been hit the toughest, losing by 3.92% and a couple of.61%, respectively. The volatility index, India VIX, surged 4.21% to 14.34 points, signaling multiplied market uncertainty.

Among sectoral losers, the Nifty PSU Bank index became the worst performer, ultimate 4.18% decrease. Realty and metal indices were observed, declining by way of three.08% and 3%, respectively, while auto, media, customer durables, and pick-out healthcare indices lost over 2%.

Meanwhile, Asian markets offered a blended outlook. Japan’s Nikkei 225 dipped zero.04%, at the same time as the Topix inched up by means of zero.19%. South Korea’s Kospi advanced by 0.43%, even though the small-cap Kosdaq slipped 0.Seventy two%. Australia’s S&P/ASX 2 hundred changed up 0.14%, while China’s Shanghai Composite and CSI300 indexes fell by using zero.08% and 0.53%, respectively. However, the Hang Seng index in Hong Kong gained 0.39%.

Globally, stock markets declined for the second consecutive consultation on Tuesday, with growing US Treasury yields fueling issues beforehand of the upcoming US election. In the latest Reuters/Ipsos ballot, Democratic Vice President Kamala Harris held a slim lead of 46% to forty three% over Republican candidate Donald Trump, further adding to marketplace apprehension.

In the United States, the S&P 500 and the Dow Jones Industrial Average ended lower because of declines in industrials, materials, and utilities shares, while the Nasdaq edged up slightly. The Dow closed down 0.02% at 42,924.89, the S&P 500 misplaced 0.05% to five,851.20, and the Nasdaq received 0.18%, finishing at 18,573.13.

In Europe, the pan-European STOXX six hundred fell 0.21%, while MSCI’s worldwide stock index dropped 0.29% to 851.14. Rising yields continue to be a key concern, with American 10-year Treasury yields hiking to 4.204%, marking the best degree because of July 2024. The odds of a 1 / 4-factor fee cut through the Federal Reserve in its November 7 assembly currently stand at 92%, consistent with CME’s FedWatch tool.

In forex markets, the USA greenback hit a 2-half-of-month high, supported by expectations of further charge cuts by way of the Fed. The dollar index reached 104.10, the best degree because of August.

On the commodities front, oil costs surged for the second direct session amid worries over international delivery for imbalances and geopolitical tensions inside the Middle East. Brent crude futures for December shipping climbed 2.36% to $76.04 per barrel, even as US West Texas Intermediate rose 2.17% to $72.09 per barrel.

Gold expenses additionally soared, hitting an all-time excessive. Spot gold accelerated by using 1.03% to $2,747.56 in keeping with the ounce, even as US gold futures closed 0.8% higher at $2,759.8 consistent with the ounce, reflecting improved investor demand for secure-haven property.