scorecardresearchIndian shares rise, tracking Asia; Fed in focus

Indian shares rise, tracking Asia; Fed in focus

Updated: 01 Nov 2022, 10:00 AM IST
TL;DR.
The NSE Nifty 50 index rose 0.49% to 18,100.40 as of 0352 GMT, while the S&P BSE Sensex was 0.48% higher at 61,040.24.
The NSE Nifty 50 index rose 0.49% to 18,100.40 as of 0352 GMT, while the S&P BSE Sensex was 0.48% higher at 61,040.24.

The NSE Nifty 50 index rose 0.49% to 18,100.40 as of 0352 GMT, while the S&P BSE Sensex was 0.48% higher at 61,040.24.

(Reuters) - Indian shares began November on a higher note on Tuesday, after rising for three straight sessions, with gains seen across sectors and tracking other Asian equities as investors focus on this week's U.S. Federal Reserve policy meeting.

The NSE Nifty 50 index rose 0.49% to 18,100.40 as of 0352 GMT, while the S&P BSE Sensex was 0.48% higher at 61,040.24.

Last month, the benchmark indexes added more than 5% each on the back of strong corporate earnings reports and hopes of a less-hawkish stance from major central banks.

Investors this week will be looking for the outcome of the Fed policy meeting and the outlook on future rate hikes.

The Fed 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. Scheduled for Nov. 3, the policy-setting committee would potentially discuss its response to the government on its failure to stick to its inflation target for three quarters in a row.

In broader Asia, shares rose in early trade on Tuesday despite mild losses from Wall Street overnight as investors turned their focus to the Fed's policy meeting for cues on what comes next.

In domestic trading, Nifty's automobile, IT , and pharma indexes were among the top gainers, rising between 0.6% and 0.9%, respectively.

Adani Ports and Special Economic Zone, Sun Pharmaceutical Industries Ltd, and UPL Ltd were up between 0.4% and 0.9%, ahead of their quarterly results later in the day. 

First Published: 01 Nov 2022, 10:00 AM IST