CHENNAI: Indian equity benchmarks traded modestly higher in the noon session on Wednesday, tracking firm global cues ahead of the US Federal Reserve’s policy decision. At around 12:30 p.m., the BSE Sensex was up over 200 points, while the NSE Nifty hovered near the 26,000 mark, supported by buying in metals and energy stocks.
Investor sentiment remained cautiously optimistic as expectations of a possible Fed rate cut buoyed risk appetite across Asian markets. Softer US inflation data and easing trade tensions also lent support to broader market sentiment.
On the domestic front, as market analysts were quoted in reports, the Nifty continues to consolidate within a narrow band, facing resistance around 26,100–26,300 and support near 25,800–25,850. Foreign institutional investors were seen extending their buying streak, helping sustain the market’s upward bias.
Sectorally, metal stocks led the gains, with companies such as SAIL and Hindalco advancing on firm commodity prices. Energy counters, including Oil India and ONGC, also traded higher following fresh deal announcements. However, select banking and FMCG shares witnessed mild profit-booking, limiting broader market gains.
Market experts believe that the overall tone remains positive, but a sustained breakout above the 26,100 level would be crucial for further upside momentum. Until then, the market is likely to witness range-bound movement with a slight positive tilt.
Traders are expected to keep a close watch on the outcome of the Fed meeting later tonight for cues on global liquidity and risk flows. A dovish commentary could further strengthen domestic market sentiment, while any hawkish tone may trigger short-term consolidation.