Indian shares eked out modest gains on Wednesday as investors eagerly awaited the Federal Reserve’s monetary policy decision later in the day for direction.
The Fed is widely expected to leave interest rates unchanged, but the accompanying statement might provide hints on the timing and pace of interest-rate cuts in the next few months.
Traders have priced in a 100 percent chance for a September rate reduction, according to the CME FedWatch Tool.
Investors also watched oil price movements closely after Israel has killed a high-ranking Hamas leader in Iran, raising fears that the move could escalate the conflict in the region.
Oil prices were up nearly 3 percent in European trade after settling at a seven-month low on Tuesday amid China demand concerns.
The 30-share BSE Sensex ended the session at 81,741.34, up 285,94 points, or 0.35 percent from its previous close.
The broader NSE Nifty index ended up 93.85 points, or 0.38 percent, at 24,951.15.
NTPC, Asian Paints, HDFC Life, JSW Steel and Maruti Suzuki India rallied 2-4 percent in the Nifty pack while Britannia Industries, Dr Reddy’s Laboratories and Apollo Hospitals Enterprises all fell around 1 percent.
Market Analysis
Sensex, Nifty End Slightly Higher As Investors Await Fed Meeting Outcome
2024-07-31 10:24:34
