Indian shares recovered from a flat start to inch higher on Wednesday, led by information technology stocks and metals stocks. The NSE Nifty 50 was up 0.37% to 24,949.7 points, while the S&P BSE Sensex added 0.35% to 81,730.47.
IT companies, which earn a significant share of their revenue from the U.S., rose 0.7% ahead of the Fed’s policy decision. Metals stocks were boosted by a softer U.S. dollar, rising 1.3%.
“Mostly in-line earnings season so far is also supporting sentiment,” said Anita Gandhi, founder and head of institution at Arihant Capital Markets. “While the Nifty is facing resistance near 25,000 levels, the markets have held stable despite profit booking thanks to buying interest from domestic institutional and retail investorsat every dip.
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Eleven of the 13 major sectors logged gains, with IT and metals leading the charge. The Fed’s policy decision is due after Indian markets close, and traders are pricing in rate cuts from September.
The recovery in Indian shares comes after a muted start to the day, with investors cautious ahead of the Fed’s decision. However, the buying interest from domestic investors and the softer U.S. dollar have boosted sentiment, leading to a higher close for the markets.
Led by IT and Metals: Indian shares recovered from a flat start to inch higher on Wednesday, led by information technology stocks and metals stocks ¹.
– Nifty 50 and Sensex: The NSE Nifty 50 was up 0.37% to 24,949.7 points, while the S&P BSE Sensex added 0.35% to 81,730.47 ¹.
IT Stocks Rise: IT companies, which earn a significant share of their revenue from the U.S., rose 0.7% ahead of the Fed’s policy decision ¹.
Metals Stocks Boosted: Metals stocks were boosted by a softer U.S. dollar, rising 1.3% ¹.
Stable Market: The markets have held stable despite profit booking thanks to buying interest from domestic institutional and retail investors at every dip ¹.
-Earnings Season: Mostly in-line earnings season so far is also supporting sentiment ¹.