The stock market surged over a percent today on the back of strong global cues. At 09:46am, the benchmark Sensex was up 956.34 points or 1.58 percent at 61570.04, and the Nifty jumped 268.60 points or 1.49 percent at 18296.80.
All sectoral indices were trading in the green led by IT, metals and realty, which added 1-3 percent each. The mid-cap and small-cap indices were up half-a-percent each.
"It was well known that the crucial US inflation numbers for October will sway the market either up or down, depending on the trajectory of inflation. Now that the inflation print - both the consumer price and core - has come below anticipation, the rally in the markets has been a foregone conclusion. Since the CPI and core print indicate moderation of inflation, it is probable that the Fed might pause after one more hike of 50 basis points. This is good news for global equity markets," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Since the dollar is weakening, FIIs are likely to increase their buying and with monthly SIP figure crossing Rs 13,000 crore, DIIs too will have to deploy the inflows. In brief, it is advantage bulls for the near- term. New record for the Nifty is only a question of when," he said.