After a week of sharp selling pressure, the Indian stock market staged a strong recovery in the week ended October 30, gaining around 2 percent. The rebound was supported by easing oil prices, softer bond yields and a decline in India VIX. Broader markets also bounced back sharply, outperforming the benchmark indices amid improving macroeconomic conditions.
Meanwhile, the US Federal Reserve, the Bank of Japan and the European Central Bank kept interest rates unchanged, while maintaining a cautious stance amid concerns over rising inflation.
On Monday, the domestic market will first react to Reliance Industries' healthy September-quarter earnings, announced on Friday after market hours, along with the monthly auto sales data released on Sunday.
Looking ahead, the market is expected to remain volatile and range-bound with a positive bias in the week starting November 2. Investors will focus on the US midterm elections and jobs data, the next batch of corporate earnings, final PMI readings, crude oil price movements and geopolitical tensions between the US and Iran.
The Nifty 50 rallied 453 points, or 2 percent, during the week to close at 23,053, while the BSE Sensex surged 1,336 points, or 1.83 percent, to settle at 74,460, while for October, the indices snapped two-month losing streak, gaining 1.93 percent and 2.73 percent, respectively.