Bengaluru, Nov. 1 (BNA): Indian stocks started November higher, after rising for three consecutive sessions, with gains across sectors and other Asian stocks tracking as investors focus on this week’s US Federal Policy meeting.
The NSE Nifty 50 was up 0.49% to 18100.40 as of 0352 GMT, while the S&P BSE Sensex was up 0.48% at 61040.24.
Reuters reported that benchmark indexes last month added more than 5% each on the back of strong corporate earnings reports and hopes for a less hawkish stance from major central banks.
This week, investors will be looking forward to the outcome of the Federal Reserve’s policy meeting and expectations for a future rate hike.
The Federal Reserve is widely expected to raise interest rates by 75 basis points on Wednesday at the conclusion of its two-day policy meeting.
A meeting of the Reserve Bank of India’s monetary policy committee is also expected. Set to take place on November 3, the Policy Setting Committee is likely to discuss its response to the government over its failure to stick to the inflation target for three consecutive quarters.
In broader Asia, stocks rose in early trade despite minor losses from Wall Street overnight as investors turned their focus to the Federal Reserve’s policy meeting for clues on what’s coming next.
In domestic trade, the Nifty Automotive IT and Pharma indices were among the top gainers, rising 0.6% and 0.9%, respectively.
Adani Ports and Special Economic Zone Sun Pharmaceutical Industries Ltd and UPL Ltd rose between 0.4% and 0.9%, ahead of their quarterly results later in the day.
SM