Sensex Rises Over 200 Points, But Poor US Earnings Reports Offset Some Gains

Stock Market India: Equities rose on Thursday, but pared some gains from earlier in the session as the mood soured.

Sensex Rises Over 200 Points, But Poor US Earnings Reports Offset Some Gains

Stock Market India: Nifty rises about 0.5%

Indian stocks rose on Thursday, but pared some gains from earlier in the session as the mood soured on disappointing earnings from US big technology firms, offsetting the positive market sentiment from expectations that major central banks were dialing back on their aggressive rate hike plans.

The BSE Sensex index rose 212.88 points, or 0.36 per cent, to end at 59,756.84, and the broader NSE Nifty index advanced 80.60 points, or 0.46 per cent, to close at 17,736.95, returning from a holiday on Wednesday for Diwali celebrations.

"Trading session was marked by extreme volatility on the monthly F&O expiry day, but sharp rally in metals, realty and oil & gas stocks helped markets maintain the bullish sentiment seen in the recent trades," said Shrikant Chouhan, Head of Equity Research for Retail at Kotak Securities.

"Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front," he added. 

Both 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 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. 

On Thursday, Asian bourses had benefited earlier in the session from speculation that major central banks were thinking about easing up on their accelerated interest rate increases due to indications of a slowdown in the economy.

But the MSCI world equity index, which tracks shares of 47 countries, was nearly flat and held below Wednesday's five-week high as US tech giants, including Microsoft and Alphabet posted weaker-than-expected profits overnight.

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