Sensex is up 334 points, Nifty by 91 points tracking gains from Asian markets

• Indian markets opened on a positive note tracking Nikkei and Taiwanese markets.
• Rupee is trading at 81.64 per dollar today.
• Crude oil prices continue to rise with Brent crude futures for December at $93.53 per barrel.
• All sectoral indices were in the green except FMCG, which fell by 0.4%.

Indian markets opened on a positive note on Thursday tracking Asian markets of Nikkei and Taiwan.

Sensex was trading 334 points higher at 58,392 while Nifty50 was up by 91 points at 17,365 at 10 am. Meanwhile, China's stock markets remained closed this week from October 1-7 on account of the Golden Week.

The US markets ended lower on Wednesday after strong labour demand indicated that the Fed will keep interest rates higher for longer.

Rupee is trading at 81.64 per dollar today on the back of monetary policy tightening by central banks and on concerns of India’s record trade deficit.

Crude oil prices continue to rise with Brent crude futures for December at $93.53 per barrel. This comes after OPEC’s decision to further tighten global crude supply by slashing production by about 2 million barrels per day, the largest reduction since 2020.

“Oil prices have continued to rise amid OPEC+ decision to cut production by 2 mbpd, deepest reduction since 2020 despite a tight market. However, the actual cut might be smaller as some of the OPEC+ countries are still producing below target levels,” said Ravindra Rao, CMT, EPAT, VP- head commodity research at Kotak Securities.

All sectoral indices were in the green except FMCG, which fell by 0.4%. Data by retail intelligence platform Bizom reportedly showed that value growth of packaged consumer goods slowed down in September compared to August with a fall in rural demand as customers refrained from buying branded packaged goods.

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