Mumbai, Oct 31: The BSE Sensex on Monday closed at 60,746.59 points, up by 786.74 points, mainly due to the US factors, said a senior official of Geojit Financial Services.
The market, which had discounted an immediate recession, is now discounting a possibility of a soft landing for the US economy, that is, the Fed might succeed in taming inflation without pushing the economy into recession, Vijayakumar said.
He said in India, foreign portfolio investors (FPI) turning buyers is another positive for markets.
“Short covering can take the market higher. But at higher levels there will be institutional selling putting a cap on the rally. Some profit booking is advisable on rallies,” Vijayakumar added.