BENGALURU: Indian shares began November on a positive note, snapping a two-week losing streak, supported by the US Federal Reserve’s rate pause which triggered a rise in global equities.

The NSE Nifty 50 index and S&P BSE Sensex rose nearly 1% this week.

On the day, the Nifty 50 settled 0.51% higher at 19,230.60, while the S&P BSE Sensex rose 0.44% to 64,363.78.

Real estate stocks surged to a record high and were the top sectoral gainers.

Analysts cited healthy earnings, easing inflation, steady demand and a stable interest rate outlook as factors driving the growth.

IT stocks rose 0.64%, extending gains after the Fed held rates steady on Wednesday with a less hawkish monetary policy stance. IT companies earn a significant share of their revenue from the US “The Fed’s commentary, which was slightly dovish, has removed a major overhang on Indian markets, which are headed for a rally from now to the end of the year,” said Sanjiv Bhasin, director of IIFL Securities.

The Fed’s rate pause spurred a global market rally, while US Treasury yields eased from multi-year highs. World stocks rose 4.3% so far this week, and are headed for their best week this year.

“India will likely attract a lion’s share of foreign inflows into emerging markets if buying re-emerges after the Fed rate pause, due to its growth potential,” said Mayuresh Joshi, head of equity research at William O’Neil India.

Apollo Hospitals Enterprises jumped 5.45% and was the top gainer on the Nifty, after Morgan Stanley estimated 25% upside in share prices over next 12 months.

Titan gained 2.28% after beating profit estimates aided by growing jewelery demand.

Tata Motors, added nearly 2% on a stronger second-quarter net profit and raising margin outlook for its luxury car unit Jaguar Land Rover. Titan and Tata Motors were among the top Nifty gainers.