Stock Market Today: Sensex Rallies 0.03%, Nifty50 Surges 0.18% Amid US Fed Rate Cut Expectations

The Indian stock market benchmark bourses Sensex and Nifty 50 opened higher in trade on Wednesday, October 29, amid a rally in Asian markets led by Japan's Nikkei ahead of the US Federal Reserve rate cut expected to be announced today.

The BSE Sensex rallied 0.03% to hit 84654.40, Nifty50 rose 0.18% to 25982, while Nifty Midcap 100 increased 0.12% to 59839.60 and Nifty Bank surged 0.18% to 58316.30. 

Gift Nifty on Wednesday was trading around 26,136 level, signaling a premium of nearly 46 points from the Nifty futures’ previous close.

The three major US stock market indices also closed in green with Dow Jones Industrial Average gaining 0.34% to 47,706.37, S&P 500 closing at 0.23%, to 6,890.89, and the Nasdaq Composite ending at 0.8%, higher at 23,827.49.

Nvidia share price rallied 5%, Microsoft shares gained 2%, Tesla share price rose 1.8%, while United Parcel Service shares rallied 8%.

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Continuing the rally on Wall Street, Asian markets traded higher led by Japan’s Nikkei 225 hitting a lifetime high level. 

Nikkei rallied 1.1%, while Topix rose 0.03%. South Korea’s Kospi gained 0.17%, and the Kosdaq fell 0.25%. Hong Kong markets are closed for holidays.

On Tuesday, the Indian stock market declined on profit booking, with the benchmark Nifty50 holding above 25,900 level. The Sensex declined 0.18% to close at 84,628.16, while the Nifty 50 ended 0.11%, lower at 25,936.20.

Meanwhile, the Ministry of Statistics and Programme Implementation (MoSPI) has released its industrial production data, posting a steady growth of 4% in September, as a result of 4.8% growth in the manufacturing sector.

As of 9:39, the Sesnex was trading 0.08% higher at 84,695.00, and Nifty50 was 25,972.30, higher 0.11%.