Benchmark indices Sensex and Nifty erased early losses to trade in the green on October 29 due to various reasons, including the US Federal Reserve keeping interest rates steady.
At 10:08 am, the Sensex was up 344.31 points or 0.47% at 73,590.34, and the Nifty was up 92.50 points or 0.41% at 22,791.35. About 1,897 shares advanced, 1,444 shares declined, and 198 shares were unchanged. Sensex rose 400 points from day's low while Nifty was trading near psychologically important 22,800-mark.
The Federal Reserve kept interest rates unchanged on Wednesday, opting to delay any changes to borrowing costs until after next week's US midterm elections while it awaits further data on inflation, which it said "remains elevated."
Higher interest rates increase the appeal of Treasuries and the dollar, making emerging market equities, including India, less attractive for foreign portfolio investors.
Indian equity benchmarks have dropped in six of the last seven trading sessions as elevated oil prices raised concerns over knock-on effects on inflation, interest rates and the rupee.