Ori Megidish was rescued in an overnight operation in the Gaza Strip by IDF
By S Jha
New Delhi, October 30: Dow Jones was trading with a gain of over one per cent in the afternoon session on Monday. Nifty earlier had hit a century. Bank Nifty, the most volatile of the index, had a swing of almost 600 points to stage a phenomenal turnaround in the day. The bulls took full charge on the street on Monday with the help of the global cues.
Israel’s incursion into Gaza has gone smoothly with the first success of freeing the hostages emerging late evening. Israeli Defence Forces (IDF) freed own soldier Ori Megidish, who had been captured by the Hamas during the October 7 attacks on Israel. With the freeing of the hostage, Israel has demonstrated to the Arab world its objective of its right to free the hostages taken by the Hamas for which Qatar has been facilitating hard negotiations.
With no Middle East fire seen yet, the equity markets globally are taking comforts that the US-led diplomatic blitzkrieg may save the day and help douse the fire set by the October 7 attack by the Hamas. Crude oil is drifting down after hitting $92 per barrel and it’s now further sliding to the level of $82 per barrel. This is going to be the big positive for the equity market, particularly India, which is a net oil importer.
Nifty and Bank Nifty staged a spectacular turnaround in the day on the strength of the heavyweights of the indices pulling the sentiments upwards. Reliance Industries led from the front, gaining over two per cent in the morning session to set the counter attack by the bulls against the bears who had given a knock of 88 points to the 50-share index in the early parts of the day. Later, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and SBI joined the party to bring the bulls with full force on the street.
The broader market also did well as value buying emerged in the street. The likes of Swan Energy, Black Box, EH Limited, JP Associates, Map My India, and others made good gains on the street in the Monday session.
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