Sensex-Nifty Open in Green; Market Awaits Positive News from the Fed

Mumbai (The Uttam Hindu): The Indian stock market opened on a positive note on Wednesday. In early trade, buying was seen in Nifty Metal, IT, PSU Bank, Pharma, and FMCG sectors. Around 9:27 a.m., the Sensex was trading 202 points or 0.24% higher at 84,830.28, while the Nifty gained 70.75 points or 0.27% to trade at 26,006.95.

In early trading, Nifty Bank was down 28.40 points or 0.05% at 58,185.70. The Nifty Midcap 100 index slipped 40.85 points or 0.07% to 59,724.50, while the Nifty Smallcap 100 index dropped 63.20 points or 0.34% to 18,344.40.

Experts said, “After a positive opening, Nifty may find support at 25,800, 25,850, and 25,900 levels. On the upside, resistance may be seen at 26,000, followed by 26,050 and 26,100.”

Market analysts expect positive news from the U.S. Federal Reserve, as the Fed is likely to announce a 25 basis points rate cut. However, the Fed’s commentary will be more crucial than the rate decision itself.

Among the Sensex gainers were Trent, Asian Paints, HCL Tech, Adani Ports, Sun Pharma, and Tata Steel, while M&M, TMPV, Bajaj Finance, BEL, and Bajaj Finserv were among the top losers.

In Asian markets, most indices were trading in the green, except Jakarta, which was in the red.

Meanwhile, U.S. markets closed higher on the last trading day. The Dow Jones gained 0.34% or 161.78 points to close at 47,706.37, the S&P 500 rose 0.23% or 15.73 points to 6,890.89, and the Nasdaq advanced 0.80% or 190.04 points to 23,827.49.

On October 28, Foreign Institutional Investors (FIIs) were net buyers, purchasing Indian shares worth ₹10,339.80 crore. Domestic Institutional Investors (DIIs) were also net buyers, purchasing shares worth ₹1,081.55 crore on the same day.