Stock Market Today: Sensex up 146 pts, Nifty inches above 24,000; broader markets outperform

Stock Market Today: Equity benchmark indices traded higher in early deals on Wednesday, extending gains for the fourth consecutive session, supported by buying in information technology, banking and consumer-focused stocks.

The 30-share BSE Sensex rose 145.60 points, or 0.19 per cent, to 76,954.08. The Nifty50 advanced 14.50 points, or 0.06 per cent, to 24,003.65, holding above the key 24,000 level.

Top Gainers and Losers

Among Sensex constituents, Tech Mahindra emerged as the top gainer, rising 1.11 per cent. InterGlobe Aviation (IndiGo) gained 0.91 per cent, while Trent, Sun Pharmaceutical Industries, ICICI Bank, Infosys, Tata Steel and Tata Consultancy Services also traded in the green.

Other gainers included Bajaj Finserv, HCL Technologies, Power Grid Corporation, Larsen & Toubro, Asian Paints and State Bank of India.

On the other hand, NTPC fell 0.34 per cent. Bharti Airtel, Axis Bank, Reliance Industries, Bajaj Finance, Kotak Mahindra Bank, Maruti Suzuki India and UltraTech Cement were among the laggards.

Nifty Broader Market Indices

The broader market remained positive, with midcap and smallcap indices outperforming the benchmarks. The Nifty Midcap 100 rose 0.23 per cent, while the Nifty Smallcap 100 advanced 0.41 per cent. The Nifty Microcap 250 gained 0.55 per cent.

Nifty Sectoral Indices

Sectorally, Nifty IT was the top performer, climbing 0.78 per cent. Consumer Durables rose 0.97 per cent, while Media gained 0.46 per cent. Pharma, PSU Bank, Oil & Gas and Financial Services indices also traded higher.

However, Realty declined 0.84 per cent, emerging as the worst-performing sector. Metal slipped 0.47 per cent, while Cement, FMCG and Auto indices traded marginally lower.

Global markets await Fed decision

According to Nandish Shah, Deputy Vice President at HDFC Securities, US markets ended mixed overnight as investors rotated towards cyclical stocks while technology and semiconductor shares came under pressure.

The Dow Jones Industrial Average rose 329 points, or 0.64 per cent, to close at a record high of 51,999.67. The S&P 500 fell 0.57 per cent, while the Nasdaq Composite declined 1.15 per cent.

Among major semiconductor stocks, Advanced Micro Devices dropped more than 7 per cent, Broadcom fell 4 per cent, Micron Technology lost 6 per cent, and Nvidia declined over 2 per cent.

Asian markets traded mixed on Wednesday as investors awaited the US Federal Reserve's interest rate decision.

Market participants largely expect the Federal Reserve to keep interest rates unchanged, though commentary from policymakers will be closely watched for clues on the future policy path.

Oil prices fall sharply

Crude oil prices declined sharply to three-month lows, boosting market sentiment. WTI crude futures fell nearly 6 per cent to around USD 76 per barrel, while Brent crude dropped about 5 per cent to around USD 79 per barrel.

The decline came amid expectations of progress in diplomatic discussions involving the United States and Iran later this week. Lower crude prices are generally positive for India as they help reduce import costs and ease inflationary pressures.

Technical outlook remains positive

Back home, the Nifty had gained 135 points in the previous session to close at 23,989, marking its highest closing level since May 25. The rupee also strengthened by 15 paise to 94.56 against the US dollar in the previous session.

Shah said the short-term trend remains positive as the Nifty continues to trade above its key short-term moving averages. "As long as the Nifty remains above 23,780, the short-term outlook remains positive," Shah said.

According to him, the 100-day exponential moving average near 24,150 remains an important resistance level for the index. On the downside, the 50-day exponential moving average near 23,780 is expected to provide immediate support.