Benchmark stock market indices closed higher today, driven by positive Asian cues and optimism ahead of the US Federal Reserve’s policy announcement. The S&P BSE Sensex gained 368.97 points to end at 84,997.13, while the NSE Nifty50 rose by 117.70 points to settle at 26,053.90. Oil & gas and metal stocks led the broader market indices higher.
Vinod Nair, the Head of Research at Geojit Financial Services, mentioned that the domestic market saw strength in line with Asian markets, supported by clearer global trade trends. Additionally, optimism regarding potential progress in India-US trade talks boosted sentiment. Oil stocks surged as crude prices stabilized on lower OPEC+ output expectations, while metal stocks benefited from strong commodity prices and supply constraints. Investors are closely watching the Fed’s decision, with a 25-bps rate cut expected but focus on future rate cut commentary.
Reports of the US and India nearing finalization of a trade deal further lifted market sentiment. Ponmudi R, CEO of Enrich Money, highlighted the expectation of a US Federal Reserve rate cut keeping momentum strong. The Nifty maintained an upward trend with buying and short covering across various sectors, including energy, metals, realty, and FMCG.
Technically, the Nifty 50 showed three consecutive positive sessions but faces resistance around 26,050–26,100, with strong support near 25,900–25,660. A sustained move above 26,100 could lead to a rally towards 26,250–26,400, while a drop below 25,900 may trigger profit-taking. The Bank Nifty remained near its record high, with potential for further upside if it breaks above 58,450–58,500. The Sensex stayed close to 85,000, showing strength with support levels at 84,500–84,300.
Overall, the market outlook remains positive with key events like the Fed decision and trade talks influencing investor sentiment and market direction.