Indian equity markets opened sharply higher on Wednesday, with benchmark indices gaining nearly 1 per cent as investors awaited the US Federal Reserve’s policy announcement and tracked global market developments.
The Sensex opened 657.85 points, or 0.86 per cent, higher at 77,423.77, while the Nifty rose 191.30 points, or 0.80 per cent, to 24,176.65 in early trade.
IT stocks led the rally, with the Nifty IT index surging more than 2 per cent.
The Nifty MidSmall IT & Telecom index gained around 1 per cent, while the Nifty Chemicals and Nifty FMCG indices also traded firmly in positive territory. In contrast, the Nifty Realty and Nifty Oil & Gas indices slipped in early trading.
Analysts said investors remained cautious ahead of the US Federal Reserve’s policy decision and corporate earnings, while higher Brent crude prices amid geopolitical tensions could keep markets volatile. They said the Nifty’s range-bound trend may break upwards, though sustained FII inflows would depend on crude oil prices and monsoon progress.
The Fed is widely expected to keep interest rates unchanged, a move already priced into markets.
Brent crude rose 4.85 per cent to 88.17 dollars a barrel, while WTI crude gained 5 per cent to 83.30 dollars a barrel.
Asian markets traded mixed, with Japan’s Nikkei falling around 2 per cent, Hong Kong’s Hang Seng rising more than 1 per cent and South Korea’s KOSPI declining nearly 9 per cent.
Wall Street ended on a mixed note overnight, with the S&P 500 edging up 0.21 per cent while the Nasdaq slipped 0.22 per cent.
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