New Delhi, Nov 2 : Even though the pause decision of the US Federal Reserve was on expected lines, the commentary was not hawkish as the market feared, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Fed chief Jerome Powell's comment that 'despite elevated inflation, the longer term inflation expectations remain well anchored' was taken by the market as a slightly dovish statement. The implication of this statement is that the Fed may not hike rates again in this rate hiking cycle. Consequently the bond yields declined sharply. The benchmark 10-year bond yield declined 17 bp to 4.75 pe rcent and the equity markets responded positively, he said. In the near-term, the dollar index at 106.3, Brent crude at around $85 and the 10-year US bond yield at 4.75 per cent are favourable for stock markets. There is a possibility that the FIIs who were sustained sellersin October may turn buyers and if that happens, short-covering can take markets higher despite the uncertainty surrounding the Israel-Hamas conflict, he added. From the valuation and growth perspective, leading banks provide good buying opportunities. IT can stageacomeback, he said. BSE Sensex is up 444 points at 64035 points on Thursday. Indusind Bank is up 2 per cent, Sun Pharma, HCL Tech, SBI are up 1 per cent. /IANS