Nifty 50, Sensex today: What to expect from the Indian stock market on October 30 following the US Fed rate cut

Nifty 50, Sensex today: The Indian stock market is expected to open lower on Thursday, tracking weak global cues following the US Federal Reserve’s policy announcement and Fed Chair Jerome Powell’s comments.

Trends on the Gift Nifty also signal a negative start for domestic equities, with the index trading around 26,163 — nearly 75 points below the Nifty futures’ previous close.

The US Federal Reserve cut interest rates by 25 basis points; however, Chair Powell downplayed the chances of another rate cut in December. Market expectations for an additional quarter-point reduction in December have now eased to about 68%.

On Wednesday, Indian markets saw a strong rally, with the Nifty 50 closing above the 26,000 mark. The Sensex rose 368.97 points, or 0.44%, to end at 84,997.13, while the Nifty 50 advanced 117.70 points, or 0.45%, to close at 26,053.90.