Sensex, Nifty Close Higher Ahead Of US Fed Decision; IT Stocks Lead Gains

India’s benchmark indices, the BSE Sensex and Nifty 50, ended Wednesday’s trading session with solid gains, closing close to their highest levels of the day. Investors, however, remained cautious as they awaited the outcome of the US Federal Reserve’s policy meeting.

The Nifty 50 rose by 0.83 per cent, adding 196.65 points to settle at 23,777.80. The BSE Sensex advanced by 633.29 points, or 0.83 per cent, to close at 76,704.13.

Analysts pointed out that the immediate support for the Nifty 50 lies near 23,650, with a stronger cushion around 23,350. Staying above these levels will be important to maintain the current upward momentum.

On the higher side, 23,850 is seen as a crucial resistance level. A decisive move beyond this mark could drive the index towards the 24,000 to 24,300 range, which aligns with a previously tested resistance zone.

Among the top performers in the Nifty 50 basket were Eternal and Tech Mahindra, both of which registered strong upward movements during the session.

Wider market indices outpaced the benchmark indices, signalling broader participation from investors. The Nifty MidCap index jumped 1.94 per cent, while the Nifty SmallCap index climbed 1.70 per cent by the end of the session.

Sector-wise, the Nifty IT index led the gains due to buying in technology shares. The Nifty Media and Nifty Realty indices also recorded positive performance.

On the other hand, the Nifty Metal and Nifty FMCG indices ended the session in negative territory due to selling pressure.

Investors are closely monitoring the Federal Reserve as it announces its policy decision later in the day.

The central bank is widely anticipated to leave interest rates unchanged.

Market participants will closely analyse its commentary, especially for indications on how tensions involving Iran may impact future policy decisions.

Experts observed that the overall sentiment in the market remains cautiously optimistic. Global factors continue to influence investor behaviour and are likely to guide near-term market direction.

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