Sensex, Nifty Rise 0.5% In A Volatile Trade As Investors Book Profits, Crude Oil Prices Weigh On Sentiment
Benchmark indices Sensex and Nifty are trading in green on Wednesday in a volatile trade so far. During the early trading hours, both the indices gave up most of their gains as profit booking emerged and investors remained cautious ahead of the US Federal Reserve’s interest rate decision. At 9:45 am, the Sensex was down 13.19 points at 73,990.63, while the Nifty traded marginally higher by 2.65…
The benchmark indices Sensex and Nifty rose by 0.5% on Wednesday, trading in a volatile market. Early gains were erased as investors booked profits and remained cautious ahead of the US Federal Reserve's interest rate decision. The Sensex opened at 73,990.63, down 13.19 points, while the Nifty started at 23,121.25, gaining 2.65 points.
By mid-morning, the Sensex climbed 400 points, or 0.5%, to 73,990.63, whereas the Nifty added 127 points, or 0.55%, to 23,121.25. Weak market breadth was evident, with more shares falling (2,405) than rising (856). Among Nifty 50 stocks, FMCG stocks led the rally, with Nestle India and Tata Consumer Products surging over 1%. Reliance Industries and State Bank of India also rose around 1%.
However, IT and pharma sectors lagged. Larsen & Toubro and Eternal were notable decliners. Crude oil prices weighed on sentiment, with Brent crude nearing $108.3 per barrel due to supply constraints at Saudi Arabia's Yanbu port. Foreign institutional investors sold equities worth Rs 2,978 crore, while domestic investors bought shares worth Rs 2,686 crore.
Experts suggested the Nifty needs to break above 23,300 to stimulate further buying. A move surpassing 23,600 might signal a trend reversal.
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