Sensex rises 400 points, Nifty nears 23,250 as investors await Fed meeting outcome. What to expect?
Sensex and Nifty rebounded around 0.5% on Wednesday after Tuesday’s selloff wiped out more than Rs 9 lakh crore from Dalal Street. Investors await the Federal Reserve’s policy decision, while elevated US bond yields and crude prices continue to weigh on sentiment. Analysts expect volatility and stock-specific opportunities amid the weak market.
India's stock market experienced a rebound on Wednesday, with the Sensex and Nifty indices rising around 0.5% each. The Sensex reached over 74,400, while the Nifty 50 increased to 23,247 by 10:45 am. Broader markets, however, remained weak, with the Nifty Smallcap 100 and Nifty Midcap 100 falling up to 0.8%.
Axis Bank, M&M, ITC, and SBI shares led the gains, while TCS, Eternal, NTPC, and Tata Steel fell. In terms of sectors, Nifty FMCG and Nifty PSU Bank indices gained over 1%, while Nifty IT, Nifty Metal, and Nifty Pharma slipped. The market breadth remained negative, with 2,082 declines against 1,170 advances and 108 unchanged stocks.
The Federal Reserve's upcoming FOMC meeting, set to announce interest rate decisions, is expected to impact the market significantly. Economists predict a rate hike of at least one by the end of March, alongside elevated US bond yields and high crude prices. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that Foreign Institutional Investors have been selling in the market during the past five days, and the Fed's decision could influence investor sentiment.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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