Sensex, Nifty open higher: Tata, NTPC, ONGC lead, IT sector rises
Mumbai: Indian benchmark indices opened higher on Wednesday, boosted by optimism over a potential Federal Reserve rate cut and positive developments in India-US trade negotiations.
At 9.28 am, the Sensex was up 151 points, or 0.18%, at 82,532, while the Nifty rose 58 points, or 0.23%, to 25,297. Broad-market indices outperformed the benchmarks, with the Nifty Midcap 100 climbing 0.28% and the Nifty Smallcap 100 advancing 0.60%.
On the Nifty, major gainers included Tata Consumer Products (up 2.65%), Tata Motors, Trent, NTPC and ONGC. Top losers were Bajaj Finance, Cipla, ICICI Bank and Tech Mahindra. Sectorally, Nifty IT led the gains with a 0.91% rise, followed by Nifty Realty (0.52%) and Nifty Oil & Gas (0.43%). Only Nifty Metal (down 0.07%) and Nifty Pharma were in the red.
Analysts said Nifty remains above key near-term averages, with immediate support at 25,000 and resistance expected in the 25,420–25,500 range. Markets are pricing in a 25-basis-point cut at the conclusion of the Federal Open Market Committee’s two-day meeting, reacting to recent signs of weakening in the US labour market. Investors will also watch the accompanying statement and economic projections for guidance on the rate outlook.
On trade news, a US delegation led by Chief Negotiator Brendan Lynch met Indian Commerce Department officials on Tuesday to advance the India-US Bilateral Trade Agreement. Talks were described as positive, with both sides agreeing to intensify efforts for an early conclusion.
Globally, major US indices ended lower on Tuesday, with the Nasdaq down 0.08%, the S&P 500 off 0.13%, and the Dow slipping 0.27%. Most Asian markets rose during the morning session, with Shanghai up 0.41%, Shenzhen 1.02%, Nikkei 0.23%, and Hong Kong’s Hang Seng 1.23%. South Korea’s Kospi fell 0.94%.
On Tuesday, foreign institutional investors (FIIs) were net buyers of equities worth ₹308 crore, while domestic institutional investors (DIIs) purchased ₹1,518 crore.
IANS