Sensex rises 140 pts, Nifty holds 17,100 ahead of US Fed outcome; PSBs lead

CLOSING BELL: Sectorally, the Nifty Pharma index advanced 1 per cent, followed by the Nifty PSU bank added 0.8 per cent.

CLOSING BELL

Stock market highlights: Investors sold rallies on Wednesday amid nervousness ahead of the US Federal Reserve's interest rate decision, due later tonight. The S&P BSE Sensex hit a high of 58,419 and a low of 58,064, before settling at 58,215, up 140 points or 0.24 per cent.

The Nifty50, meanwhile, ended at 17,143, up 35 points or 0.2 per cent. It traded between 17,207 and 17,108 during the day. ICICI Bank, Bajaj twins, TCS, Sun Pharma, HUL, and RIL supported the gains, while Axis Bank, NTPC, HDFC Bank, Infosys, and Nestle India weighed.   

In the broader markets, the BSE MidCap and SmallCap indices gained up to 0.5 per cent. Sectorally, the Nifty Pharma index advanced 1 per cent, followed by the Nifty PSU bank added 0.8 per cent.

4:07 PM

Nifty: The index could rally sharply if 17,200 is taken out

"The Nifty index witnessed sideways momentum throughout the day but the index managed to close in green. The index remains in a buy-on-dip mode as long as the index stays above 17,000. The immediate hurdle on the upside is at 17,200 where the highest open interest is built up on the call side. The index once surpassed the resistance will witness a sharp move on the upside toward the 17,500 level."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:05 PM

COMMENT:: An an in-line and less hawkish policy stance by Fed will attract bulls

"Staying afloat in a volatile trade, the domestic market managed to remain positive, with the optimism that global banking system issue is behind us. Additionally, the volatility brought in from western markets ahead of the announcement of Fed policy and release of high UK inflation, tested market sentiments. The market has factored a 25 bps rate hike by Fed, and an in-line and less hawkish policy stance will attract bulls."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:00 PM

Bank Nifty:: Breakout above 40,000 could induce a rally up to 41,000

"The Bank Nifty index has remained mostly sideways as the investors preferred waiting until after the Federal Reserve meeting on the rates and the follow-up commentary, which is more important. On the higher end, the index has found resistance at the 14DMA during the day's trade. The momentum indicator is in bullish crossover. A decisive breakout above 40,000 may induce a rally in the index, above which the index may move up towards 40,500/41,000 over the near term. On the lower end, support lies at 39,500."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

3:57 PM

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3:55 PM

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3:54 PM

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3:52 PM

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3:50 PM

Emami surges 6% as board to consider share buyback on March 24

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3:48 PM

VST Tillers soars 7.5% on achieving production milestone of 500,000 units at Malur plant

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3:46 PM

Market Breadth was positive; however more stocks hit 52-week lows in trades on Wednesday

3:44 PM

BSE Smallcap Heatmap:: Nahar group stocks among winners

3:42 PM

BSE Midcap Heatmap:: Emami, Voda Idea, Alkem surge up to 6%; ABB drops 3%

3:40 PM

Select broader indices outperform benchmark Nifty 50; India VIX declines 1.8%

3:39 PM

Nifty 50 Losers:: BPCL, NTPC, Coal India slip up to 2%

3:37 PM

Nifty 50 Gainers:: HDFC Life, Bajaj twins, Sun Pharma rise up to 3%