Markets may open on a scintillating note following positive global cues

The domestic benchmark indices are expected to witness a blistering start to the November F&O expiry day as global markets are cheering the dovish stance taken by Fed Chief Jerome Powell and the positive effect is likely to rub-off on Indian markets too. The SGX Nifty Index Future was trading higher by 91 points  above the 10,800 mark.

Asian markets are celebrating a more dovish stance taken by Federal Reserve Chairman Jerome Powell. On Thursday morning, the Japanese stock market Nikkei 225 has rallied 0.90 per cent; China’s Shanghai Composite Index has gained 0.28 per cent and Hong Kong’s Hang Seng has added 0.08 per cent.  
  
Back home, Indian equity markets continued their northward rally for a third session in a row on Wednesday. The markets made a decent start and traded with positive bias throughout the day. However, markets pared gains in the last leg of trading ahead of November F&O expiry on Thursday. The BSE Sensex gained 0.57 per cent to close at 35,717 and the Nifty settled at 10,729 with a gain of 0.40 per cent. The broader indices bucked the trend as both Nifty Mid-cap and Small-cap indices ended in the red with losses of 0.94 and 0.75 per cent, respectively. On the sectoral front, majority of the indices ended in the red, barring Nifty IT and Nifty Media, while Nifty PSU Bank, Nifty Realty and Nifty Metal were among top losers.  
  
The US stocks witnessed scintillating rally on Wednesday. The sentiment got a major lift from the dovish comment on interest rates by Federal Reserve Chairman Jerome Powell. The Fed Chief seemed to indicate that future rate hikes would be more dependent on economic data than any present course and this was music to the ears of market participants on the Wall Street. In the economic news, the second estimate for the third quarter GDP came in unchanged at 3.5 per cent.  The Dow Jones Industrial Average soared 2.50 per cent, the S&P 500 surged 2.30 per cent and the tech-heavy Nasdaq jumped 2.95 per cent.  
  
The European stocks ended Wednesday’s session flat with a negative bias. The DAX of Germany declined 0.09 per cent, the CAC of France closed unchanged and the UK’s FTSE 100 finished lower by 0.18 per cent.