The Indian stock market traded higher, with the benchmark indices gaining over half a percent each, following mixed global market cues, after the US Federal Reserve kept the interest rate unchanged, while investors also assessed the ongoing geopolitical tensions in the Middle East.
The BSE Sensex rallied over 500 points, while the NSE Nifty 50 traded above 22,800. The Bank Nifty gained 0.5%.
Broader markets supported the rally, as the Nifty Smallcap 100 and the Nifty Midcap 100 indices traded 0.4% higher each.
Barring Nifty Auto, all other sectoral indices traded in the green, with Nifty FMCG, Nifty IT, Nifty PSU Bank and Nifty Realty indices rising the most.
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Globally, Asian markets traded mixed, while the US stock market ended higher overnight, after the US Federal Reserve kept the interest rate unchanged.
However, geopolitical tensions in the Middle East and elevated crude oil prices continue to keep market sentiment cautious.
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“The Fed holding rates as expected is mildly positive for equity markets, globally. However, from the Indian perspective, the headwinds continue to be strong. The 10-year US bond yield continues to hover around 5% and there are no signs of easing of the crude prices,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Meanwhile, reports that the chip shortage issue will persist up to 2030 has brought interest back into the chip stocks and AI trade in South Korea and Taiwan.
“This means that foreign money will continue to chase AI and AI- related stocks, ignoring India,” Vijayakumar added.
In the currency market, the Indian rupee opened 5 paise higher at 95.17 against the US dollar as compared with its previous close of 95.22 level.
Technical Outlook
Nifty 50 continues to face selling pressure at higher levels, with the 22,800 zone remaining the key resistance.
According to Ponmudi R, CEO of Enrich Money, the Nifty 50 index requires a sustained breakout above this level to improve the near-term outlook.
“A decisive move above 22,800 could strengthen bullish momentum and pave the way for an upside move towards the 23,000 mark and higher levels. On the downside, 22,500 remains the key near-term support. A sustained break below this level could intensify selling pressure and drag the index towards lower support zones,” said Ponmudi R.
Momentum indicators remain largely unchanged, with the RSI hovering in the mid-40s, indicating subdued buying strength and a cautious market bias.
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