Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

INDIA STOCKS-Indian shares rise after Fed holds rates steady; earnings-led gains boost optimism

By Reuters News

By Vivek Kumar M

Oct 29 (Reuters) - Indian shares rose on Thursday, rebounding from a recent drop, as the US Federal Reserve held interest rates steady as expected and upbeat quarterly earnings lifted the benchmark indexes.

The benchmark Nifty 50 .NSEI rose 1.1% to 22,936.75 and the BSE Sensex .BSESN added 1.2% to 74,151.04. The indexes had lost about 2% each in the previous seven sessions, dropping in six of them, weighed down by elevated crude oil prices.

Elsewhere, Asian shares wobbled as AI-related earnings announcements prompted wildly mixed responses. MKTS/GLOB

The Fed left interest rates unchanged on Wednesday, opting to delay any changes to borrowing costs until after next week's US midterm elections while it awaits further data on inflation, which it said "remains elevated."

Brent crude futures fell 0.8% to $114.4 per barrel, as traders weighed Middle East conflict risks to regional energy supplies. O/R

"Indian market is showing signs that it has bottomed out after the recent slide and the ongoing earnings season has been decent across sectors, supporting the broader sentiment," said Arun Malhotra, fund manager at CapGrow Capital.

Fifteen of the 16 major sectors rose. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 1% each.

Heavyweight financials .NIFTYFIN and information technology stocks .NIFTYIT rose 1.2% and 1%, respectively.

Stock-specific moves dominated the sentiment amid a busy earnings season. Adani Ports and Special Economic Zone APSE.NS and Adani Enterprises ADEL.NS were the top two percentage gainers on the Nifty 50 after their earnings.

Adani Ports rose 6.3% to nearly four-month high after it reported higher quarterly profit on strong cargo volumes and raised its operating profit forecast.

Adani Enterprises also added 5.2% after strong July-September earnings, while consumer goods major Hindustan Unilever HLL.NS rose 2.3% as investors weighed higher quarterly profit against commodity inflation.

Power sector companies Power Grid Corporation of India PGRD.NS and NTPC NTPC.NS jumped 3.4% and 2.2% on optimism over strong power demand due to El-Nino conditions.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.