TCS, Infy, SBI lift Sensex 548 pts ahead of Fed outcome; Nifty tops 16,600

CLOSING BELL: Sun Pharma, Divis Lab, L&T, Asian Paints, SBI, TCS, Ultratech Cement, and Grasim led from the front, rising over 2 per cent each

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CLOSING BELL

Stock market highlights: Domestic markets erased morning losses and turned sharply higher on Wednesday as a broad-based rally ensued on Dalal Street. The markets seemed unnerved ahead of the US Federal Reserve's policy outcome later tonight, and rather focused on falling bond yields and domestic corporate earnings.

The S&P BSE Sensex surged 548 points, or 0.99 per cent, to settle at 55,816. The Nifty50, meanwhile, closed at 16,642, up 158 points or 0.96 per cent.

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Sun Pharma, Divis Lab, L&T, Asian Paints, SBI, TCS, Ultratech Cement, and Grasim led from the front, rising over 2 per cent each. Bharti Airtel, Bajaj Auto, Kotak Bank, Reliance Industries, and HDFC Life, on the flipside, were the only losers, down up to 1 per cent.

The rally was across-the-board with the Nifty Pharma and PSB indices climbing over 2 per cent each, followed by the Nifty IT index (up 1.7 per cent), and the Nifty Bank index (1 per cent).

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The broader BSE MidCap and SmallCap indices underperformed at the bourses as they advanced up to 0.90 per cent.

Global markets

European markets were cautiously higher on Wednesday as investors looked ahead to the latest monetary policy decision from the US Federal Reserve. The pan-European Stoxx 600 added 0.2 per cent in early trade, with banks climbing 1.5 per cent to lead gains while basic resources slid 0.9 per cent.

On Wall Street, Nasdaq and S&P500 futures gained over 1 per cent, while Dow Jones Futures were up 0.5 per cent. Earlier in Asia, also indices ended higher except those in China and Hong Kong.

4:00 PM

Nifty tech view: Trend positive currently; recovery may continue towards 16,750-16800

Following a start on a weak note, the Nifty recovered smartly as the day approached.

On the lower end, it found support around 16,400 whereas, on the higher end, it moved above 16,600.

The trend looks positive at the current juncture; on the higher end, the recovery may continue towards 16,750-16,800.

Support on the lower end is placed at 16,400-16,350.

Views by Rupak De, Senior Technical Analyst at LKP Securities.

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3:58 PM

Closing view: Markets tracking global trend, discounting domestic earnings

Indian benchmark indices made a flat opening but were able to close at day's high in a highly volatile session.

Indian markets are following the trend of global markets and reacting to the upcoming meeting of FOMC, which may hike rate by 75 bps. Also markets are discounting the earnings of various Indian companies and their future outlook.

Among sectors, Banks, IT, Pharma, Oil& gas ended in green. All major Indices were up by 1-2%.

Views by Mohit Nigam, Head - PMS, Hem Securities

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