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Market may extend recent gains

October 31 2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 42 points at the opening bell.

Overseas, most Asian stocks are trading higher after the US Federal Reserve decided to cut rates for the third time this year but signaled its rate-cut cycle might be at a pause.

Factory activity in China shrank for the sixth straight month in October, official data showed. The official Purchasing Managers' Index (PMI) was at 49.3 in October, dipping from 49.8 in September.

US markets ended higher with the S&P 500 closing at a record for the second time in three sessions, after the U.S. Federal Reserve decided to cut interest rates by a quarter of a percentage point.

The Federal Reserve slashed interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world but signaled that there would be no further reductions unless the economy takes a turn for the worse. The U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50% and 1.75%.

Back home, the market advanced for the fourth straight trading session on Wednesday, supported by banks, FMCG and IT stocks. The barometer index, the BSE Sensex, rose 220.03 points or 0.55% to 40,051.87. The Nifty 50 index rose 57.25 points or 0.49% to 11,844.10.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 7192.42 crore yesterday, 30 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 185.87 crore yesterday, 30 October 2019, as per provisional data.

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