Nifty, Sensex In Green; Investors Eye US Inflation Data, Fed Policy

The Indian stock exhibited a stagnant trade in the Wednesday trading session as the benchmark indices along with other sectoral indices ended with marginal gains. Investors remain watchful of the US inflation data and Fed policy outcome tonight.

The National Stock Exchange (NSE) Nifty 50 index ended 0.25 per cent higher at 23,322 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled with 0.2 per cent gain at 76,607 levels on the closing bell. 

Nifty Moves

In the Nifty50 index, 33 stocks advanced with gains, while 17 stocks ended in the red territory.

Coal India and Power Grid claimed the highest position with 2.59 per cent and 2.56 per cent gain. Eicher Motors and SBI Life also gained close to 2 per cent, whereas Tech Mahindra, Shriram Finance, Bajaj Finance, NTPC, Ultra Tech Cement and BPCL gained more than 1 per cent. 

In the losers, Mahindra & Mahindra shredded 1.69 per cent and Britannia lost 1.42 per cent, while Hindustan Unilever lost more than 1 per cent. 

Analyst Note

“Markets failed to capitalise on its firm start but eked out modest gains on select buying support, as caution prevailed amongst investors ahead of US policy rate meeting later in the day. Besides, investors would be watchful of domestic inflation and IIP data which can give a sense about where the domestic growth is headed in the medium term. If US inflation shows signs of cooling, Fed’s commentary on interest rate direction would be keenly watched by global investors,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Sectoral Movement

In terms of sectoral performance, Nifty Energy gained close to 1 per cent, and PSU Banks rallied 1.16 per cent. However, Bank and Finance remained muted.

Auto and Nifty ended almost flat, while Metal gained half a per cent. Pharma also ended in green, while FMCG tumbled half a per cent. 

The more domestically focussed indices, mid-cap surged 1.04 per cent, whereas Small cap climbed 1.23 per cent.