Stock Market Update: Sensex soars 1181 points as bulls take over D-Street, Nifty rises to 18350

Stock Market Update: Benchmark equity indices opened higher on Friday as expectations of less aggressive rate increases by the US Federal Reserve were raised by softer-than-expected US inflation data. Buying was evident in all industries. At 61,598 points, or 984 points higher, the BSE Sensex was trading. Nifty50 was up 274 points or 1.52%, trading at 18,302.

Stock Market Update: US inflation figures

It is common knowledge that the market will be affected by the important US inflation figures for October, either positively or negatively depending on the inflation rate's trajectory. The direction of the markets is now obvious given that the inflation print, both CPI and core, was below expectations. Chief Investment Strategist at Geojit Financial Services, V K Vijayakumar, stated.

Good news for global equity markets

Since the CPI and core print show that inflation is moderate, it is likely that the Fed will take a break after one more rate hike of 50 basis points. For the world's equities markets, this is wonderful news, Vijayakumar noted. The biggest gainers on the Sensex were Wipro, Tech Mahindra, Infosys, HCL Tech, IndusInd Bank, Tata Steel, TCS, and Bajaj Finserv, increasing by roughly 2-3.5% each.

Some other financial sectors

Along with Maruti, Bajaj Finance, L&T, Titan, SBI, UltraTech Cement, and ICICI Bank opened higher. Sectorally, the Nifty PSU Bank rose 1.63% and the Nifty IT increased 2.94%. Also opening higher were Nifty Financial Services and Nifty Auto. Nifty Midcap50 increased 1.02% and Smallcap50 increased 1.06% in the larger market.

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