Sensex, Nifty Rebound as FMCG, Realty and PSU Banks Lead Gains
Mumbai — India’s benchmark stock indices rebounded Wednesday after two days of declines, supported by gains in FMCG, real estate and public-sector banking stocks, while softer oil prices ahead of the U.S. Federal Reserve’s policy decision also helped market sentiment.
The Sensex rose 332.63 points, or 0.45 percent, to close at 74,336.45, while the Nifty advanced 99 points, or 0.43 percent, to settle at 23,217.60.
Market experts said the Nifty continues to face resistance in the 23,300 to 23,400 range, while a sustained move above 23,500 would be needed to improve the broader technical outlook.
“On the downside, the 23,100–23,070 zone remains the immediate support area, with a decisive break below 23,070 likely to intensify selling pressure and expose the index to the 23,000–22,800 region,” market watchers said.
Among Nifty constituents, HDFC Life Insurance Company, ITC and SBI Life Insurance Company were among the top gainers, helping support the benchmark indices.
Gains were more muted in the broader market. The Nifty MidCap index ended marginally lower by 0.01 percent, while the Nifty SmallCap index fell 0.18 percent.
Sectoral performance was mixed. Nifty FMCG, Nifty PSU Bank and Nifty Realty were among the strongest performers, while Nifty IT and Nifty Pharma came under pressure and posted the steepest declines among the major sectoral indices.
Experts said investors were also focused on the outcome of the U.S. Federal Reserve’s policy meeting and its outlook for interest rates.
“Balanced commentary could support further recovery, while a hawkish outlook, renewed strength in bond yields or a move in Brent towards $110 could revive selling pressure and limit the market’s rebound,” market experts said.
“Investors now await the Fed Chair’s commentary for deeper insight into the future rate trajectory, with the guidance expected to influence global liquidity conditions, capital flows and the near-term direction of financial markets,” analysts said. (Source: IANS)
