Sensex Jumps Over 300 Points On Bets Fed Slows The Pace Of Rate Hikes

Indian stocks rose on Thursday, tracking a fifth day of gains for a global stocks index on positive indications that central banks may be getting closer to shifting down the gear on aggressive monetary policy.

The BSE Sensex index rose over 300 points, and the broader NSE Nifty index opened in the green, returning from a holiday on Wednesday for Diwali celebrations.

Indian equity benchmarks had enjoyed a seven-day rally, including the gains in Monday’s one-hour Muhurat trading window to commemorate the start of the Hindu Samvat year 2079, before a slight fall on Tuesday.

This week, Indian stock markets were closed on Wednesday and were open only for the one-hour Muhurat Trading session on Monday.

Domestic stocks’ gains are probably going to be modest as early Asian trade on Thursday saw an increase in the price of oil globally following a session-high increase of more than 3 per cent fueled by record-breaking US crude shipments.

India is the third-largest importer and user of oil in the world, and an increase in crude prices directly impacts inflation, and weighs on capital inflows.

Asian shares rose, tracking an index of global shares headed for a fifth day of gains, its longest stretch in more than two months.