Stock Market Today: Sensex Slips, Nifty Closes Above 23,250

The Sensex fell 21.86 points, or 0.03 per cent, to close at 74,314.59 on Thursday, while the Nifty gained 53 points, or 0.23 per cent, to settle at 23,270.60.

Indian equities ended the session with limited movement as investors assessed the US Federal Reserve’s policy announcement and its potential impact on international markets.

Technical analysts said the Nifty continued to approach the 23,300 resistance mark, making the level important for the index’s near-term movement.

“A sustained break above this level could extend the recovery towards 23,500, while support remains at 23,200 and 23,000,” market experts stated.

Buying emerged in several heavyweight counters, with Tata Motors Passenger Vehicles (TMPV), HDFC Life Insurance Company and SBI Life Insurance Company posting the biggest gains among Nifty-listed stocks.

The broader market recorded stronger gains than the benchmark indices during the session.

The Nifty MidCap index advanced 0.92 per cent, while the Nifty SmallCap index increased 0.76 per cent.

At the sectoral level, realty, auto and metal stocks registered notable gains.

Banking counters, however, remained weak, with Nifty Bank, Nifty PSU Bank and Nifty Private Bank among the major decliners.

Experts described the market as range-bound as investors balanced the Federal Reserve’s policy developments with sector-specific trends and overall market sentiment.

Market experts expected the Indian rupee to remain vulnerable during the session and potentially cross the 96-per-dollar mark following the US Federal Reserve’s rate decision and indications regarding its future approach to inflation.

“Turning to the technical outlook, the spot USD/INR pair remains in an overall upward trend following its recent surge,” market experts noted.

“The immediate hurdle would be at 96.25, and support would be at 95.40 – 95.75,” analysts noted.

Also Read: Stock Market Opening: Sensex, Nifty Begin Thursday’s Trade Lower