Sensex Soars Ahead of Fed Rate Decision: Buying Spree in PSU Banks, IT Stocks

Mumbai (The Uttam Hindu) : Indian stock markets closed in the green on Wednesday's trading session. The market saw gains across the board. At the end of the day, the Sensex was up 313.02 points, or 0.38 percent, at 82,693.71, and the Nifty was up 91.15 points, or 0.36 percent, at 25,330.25.

PSU banking stocks led the market rally. Nifty PSU Bank closed with a gain of 2.61 percent. Also gaining were Nifty IT (0.65 percent), Nifty Auto (0.55 percent), Nifty Realty (0.41 percent), Nifty Infra, Nifty Private Bank (0.37 percent), and Nifty PSE (0.74 percent) all closed in the green.

Meanwhile, Nifty Pharma (0.10 percent), Nifty FMCG (0.14 percent) and Nifty Metal (0.50 percent) closed lower. SBI, BEL, Kotak Mahindra Bank, Maruti Suzuki, Trent, UltraTech Cement, Tech Mahindra, TCS, Infosys, Tata Motors, M&M, Asian Paints and Sun Pharma were the top gainers in the Sensex pack. Bajaj Finserv, Titan, ITC, Tata Steel, Power Grid, ICICI Bank, HUL and HCL Tech were the top losers. Nifty Midcap 100 index rose 49 points or 0.08 percent to close at 58,848.55 and Nifty Smallcap gained 124.85 points or 0.68 percent to close at 18,423.20.

Experts said that the Indian stock market closed strongly due to the positive direction of trade talks between the US and India. Investors' confidence has also been strengthened by the stable Indian rupee. Investors are waiting for the US Fed's decision on interest rates. The US Fed's decision on interest rates will be announced late tonight. According to experts, the US Fed may cut interest rates by 0.25 percent. The Indian stock market started in the green. At 9:24 am, the Sensex was at 82,604 with a gain of 223 points or 0.27 percent and the Nifty was at 25,308 with a gain of 69 points or 0.28 percent.