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Indian stock markets concluded on a positive note, mirroring gains in global markets, as investors await the crucial US Federal Reserve interest rate decision. The benchmark Sensex and Nifty indices registered modest gains, with sectoral indices exhibiting a mixed trend.
Key market highlights:
- Sensex and Nifty gains: The Sensex climbed 0.35% to 81,741 points, while the Nifty50 advanced 0.38% to 24,951.15 points.
- Sectoral performance: Nifty Metal led the rally, followed by Nifty Pharma and Media. Nifty PSU Bank and Realty lagged.
- Fed rate decision: Investors are keenly watching the Fed’s policy announcement for clues on future rate hikes or potential cuts.
- Technical outlook: The Nifty is consolidating near the 25,000 level, with support at 24,800. A decisive move above 25,000 could trigger a rally towards 25,200.
- Bank Nifty: The banking index remained range-bound, trading below the 21-day EMA. A sustained move above 51,600 could lead to a rally towards 52,000-52,200.
The market displayed a cautious stance ahead of the Fed’s decision, resulting in range-bound trading. Traders are likely to remain watchful for any significant cues from the central bank’s statement.
Indian equities ended on a positive note, with investors adopting a wait-and-watch approach ahead of the crucial Fed decision. While the market exhibited a positive bias, sectoral performance was mixed. The upcoming days will be crucial in determining the market’s direction based on the Fed’s policy outcome and global cues.