Stock market updates on November 02, 2023: Indian stock market seem poised to start Thursday’s trading session on an upbeat note following the rally in global markets after the US Fed Reserve’s signalled likely pause on future rate hikes.
Overnight, the US market, rallied sharply after the US Fed left rates unchanged for the second straight time. The S&P 500 index was up 1 per cent, Nasdaq soared 1.6 per cent and Dow Jones gained 0.7 per cent each.
Fed chief Jerome Powell signaled that policymakers will remain on hold, downplaying the “efficacy” of the Fed’s September forecast for one more rate hike this year.
The 10-year Treasury yield fell to 4.71 per cent post market close. In commodities, Brent Crude quoted around $85 per barrel, while Gold prices dipped below the $2,000-mark.
Markets in the Asia Pacific region too were seen holding buoyant gains. The S&P/ASX 200, All Orddinaries, Nikkei and Kospi were all up over 1 per cent each.
Back home, among stocks, shares of Adani Group are likely to be in focus as Adani Enterprises and Adani Power announce results. Among others, Dabur, Godrej Properties, IRFC, Karnataka Bank, Suzlon and Tata Motors are also scheduled to report September quarter earnings today.