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Sensex Trades Flat Ahead of US Fed Meeting

Rajeshwari R by Rajeshwari R
September 18, 2024
in Business
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Sensex Trades Flat Ahead of US Fed Meeting

Sensex Trades Flat Ahead of US Fed Meeting

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Indian Equity Indices Open Flat Amid Global Mixed Trends Ahead of Fed Decision

Mumbai: Indian equity indices opened on a flat note on Wednesday, reflecting a mixed trend in global markets as investors await the U.S. Federal Reserve’s monetary policy decision later in the day.

As of 9:42 a.m., the Sensex was up by 38 points, or 0.05%, at 83,117, while the Nifty gained 10 points, also up 0.05%, to reach 25,430. Early trading was buoyed by banking stocks, with the Nifty Bank index rising 237 points, or 0.45%, to 52,424.

Midcap and smallcap stocks showed little movement, with the Nifty midcap 100 index down by 6 points at 60,174 and the Nifty smallcap 100 index increasing by 66 points, or 0.34%, to 19,531.

Among sectoral indices, gains were noted in Auto, PSU Bank, financial services, FMCG, energy, infrastructure, and private banking, while IT, pharma, metals, and realty sectors lagged.

In the Sensex pack, notable gainers included Bajaj Finance, Bajaj Finserv, UltraTech Cement, State Bank of India (SBI), Power Grid, ITC, HDFC Bank, IndusInd Bank, Tata Motors, and Kotak Mahindra Bank. Conversely, Tech Mahindra, Infosys, TCS, Wipro, HCL Tech, Asian Paints, Sun Pharma, Tata Steel, and Bharti Airtel were among the top losers.

Market experts highlighted the significance of the upcoming Fed rate decision, noting that the global market mood reflected a wait-and-watch attitude. They indicated that the Fed’s commentary could be just as crucial as its actions, with an ideal outcome being a 25 basis point rate cut accompanied by a dovish message suggesting further cuts may follow. Positive retail sales data alongside a weakening labor market bolsters this possibility.

Experts advised that it may be time to reduce exposure to mid and small-cap stocks while increasing investment in large-caps, which could yield favorable results in the medium to long term.

On September 17, Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) purchased shares worth a net total of ₹482.69 crore, while Domestic Institutional Investors bought shares worth ₹874.15 crore.

On Tuesday, domestic equity indices closed with modest gains, with the Nifty settling above the 25,400 level after reaching a low of 25,352 earlier in the day. The Sensex closed up 90.88 points, or 0.11%, at 83,079, while the Nifty rose by 34.80 points, or 0.14%, to 25,418.55.

Tags: nifitystockStock Exchange

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