Dalal Street witnessed renewed optimism on Wednesday as investors awaited the US Federal Reserve to announce a rate cut later today. The BSE Sensex settled the session just under 82,700, soaring more than 300 points, while the NSE Nifty50 closed trading at 25,330, climbing almost 100 points.
On the 30-share Sensex, SBI, BEL, Kotak Bank, Maruti, and Trent stood among the gainers. Meanwhile, the laggards included Bajaj Finserv, Titan, ITC, Tata Steel, and HUL.
In the broader markets, the Nifty Smallcap50 led across the board and settled 0.81 per cent up. Sectorally, the PSU Bank index stood out after it closed more than 2.5 per cent higher. On the other hand, the Metal index slipped 0.50 per cent.
Notably, the domestic equities experienced a robust start to trading today morning, lifted by firm global cues and anticipations surrounding the Fed’s interest raye decision. The sentiment was further boosted by confidence from India-US trade talks.
At 9:28 AM, the Sensex was trading 151 points, or 0.18 per cent, higher at 82,532, while the Nifty advanced 58 points, or 0.23 per cent, to 25,297. Markets are largely pricing in a 25-basis-point cut from the Fed. Attention will also be on the regulator’s accompanying statement and projections for signals on the policy path.
On the trade front, discussions between Indian Commerce Department officials and a US delegation led by Chief Negotiator Brendan Lynch were described as “positive and forward-looking”. Both sides agreed to step up efforts for an early conclusion of the Bilateral Trade Agreement.
Meanwhile, provisional data showed foreign institutional investors (FIIs) bought equities worth Rs 308 crore on Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,518 crore.
