Mumbai — Indian benchmark indices rebounded on Wednesday after two straight sessions of losses, supported by gains in FMCG, real estate and public-sector bank stocks.
The Sensex rose 332.63 points, or 0.45%, to close at 74,336.45, while the Nifty gained 99 points, or 0.43%, to settle at 23,217.60.
Softer oil prices also helped improve sentiment as investors awaited the U.S. Federal Reserve’s policy decision.
Among Nifty stocks, HDFC Life Insurance, ITC and SBI Life Insurance were among the top gainers and helped support the broader market.
The broader indices were more subdued, with the Nifty MidCap index slipping 0.01% and the Nifty SmallCap index falling 0.18%.
Sectoral performance was mixed. Nifty FMCG, Nifty PSU Bank and Nifty Realty were among the strongest performers, while Nifty IT and Nifty Pharma recorded the sharpest declines.
Market analysts said the 23,300 to 23,400 range remained an important resistance zone for the Nifty, while a sustained move above 23,500 could improve the broader technical outlook.
On the downside, analysts identified the 23,100 to 23,070 range as immediate support. A decisive move below 23,070 could increase selling pressure and push the index toward the 23,000 to 22,800 range.
Investor attention remained focused on the Federal Reserve’s interest-rate outlook and comments from the Fed chair.
Analysts said balanced guidance could support further gains, while a more hawkish outlook, higher bond yields or a rise in Brent crude toward $110 a barrel could renew selling pressure.
The Fed’s guidance is also expected to influence global liquidity, capital flows and the near-term direction of financial markets. (Source: IANS)
