Both the Nifty and the Sensex began the trading day on an optimistic note. The Nifty gained over 60 points and opened at 23,742.25 and the Sensex gained over 250 points and opened at 76,853.11. All sectoral indices traded mixed in early trade. The Indian rupee opened at 94.56 to the dollar versus Tuesday’s close of 94.74 to the dollar. Crude oil prices eased, with Brent crude trading at 103 dollars per barrel (at the time of filing this copy). Crude oil eased marginally for the second consecutive session, as investors hoped US and Iran will reach a diplomatic settlement to the conflict that has disrupted global energy supplies and sentiment since February-end.
Independent market analyst, Ambareesh Baliga told Times Now Digital, “while investors have been eyeing the US mid-term polls outcome, they are hoping US-Israel and Iran reach a settlement on the conflict and are cheering crude prices correcting to 103 dollars per barrel.”
In the previous session, Sensex and Nifty continued their winning streak for the fourth day in a row on Tuesday, ending nearly 2 per cent higher, amid a correction in crude oil prices from their recent highs and renewed foreign fund inflows. The 30-share BSE Sensex jumped 1,225.07 points, or 1.62 per cent, to settle at the day’s high of 76,917.85. The 50-share NSE Nifty rallied 370.05 points, or 1.58 per cent, to end at the day’s high of 23,810.85. In the 30 Sensex firms, Hindustan Unilever, Bharti Airtel, HDFC Bank, Asian Paints, UltraTech Cement and ICICI Bank were among the major winners. Power Grid, State Bank of India, NTPC, Tata Steel and Trent were the laggards.
“Brent near 105 dollars per barrel has fallen materially from last week’s high as Qatar-mediated communication between the US and Iran raised expectations of progress toward ending the conflict and restoring energy flows through the Strait of Hormuz. This is a meaningful improvement in India’s near-term macro backdrop, but its earnings impact will depend on crude remaining lower rather than reacting temporarily to diplomatic headlines,” Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm told PTI.
Stock Market Today (November 4): Sensex, Nifty Rise; US-Iran Settlement Hopes, Crude At $103 In Focus
