Equity benchmarks were holding onto moderate gains at midday on Wednesday, though the rally remained selective and uneven, with information technology stocks emerging as the session’s key drag while metals, FMCG and insurance counters lent support.
At 12.46 PM, the BSE Sensex was trading at 74,371.81, up 367.99 points or 0.50 per cent from its previous close of 74,003.82. The NSE Nifty 50 stood at 23,247.35, up 128.75 points or 0.56 per cent from its previous close of 23,118.60. Both indices had opened positively, the Sensex at 74,249.31 and the Nifty at 23,201.60, and were broadly sustaining those levels into the afternoon session, though without any meaningful extension of gains.
Broader market breadth on the BSE painted a cautious picture. Of 4,358 stocks traded, 2,331 declined against 1,791 advances, with 236 unchanged. A total of 234 stocks hit 52-week lows against just 70 at 52-week highs. Stocks in lower circuit numbered 253, compared with 125 in upper circuit, underlining the absence of a broad-based recovery.
Top gainers and losers
Among Nifty 50 gainers, HDFC Life Insurance led with a rise of 2.31 per cent to ₹528.00, followed by Nestlé India, up 2.26 per cent to ₹1,392.80. Tata Consumer Products gained 2.15 per cent to ₹1,007.30, ITC rose 2.05 per cent to ₹263.30, and Hindalco advanced 1.95 per cent to ₹977.40, with the metals counter benefiting from a recovery in global commodity prices.
The technology sector, however, reversed its Tuesday outperformance and emerged as the session’s biggest laggard. TCS fell 1.69 per cent to ₹2,213.00, while Wipro dropped 1.61 per cent to ₹167.27. Infosys was down 1.10 per cent to ₹1,065.10, Tech Mahindra slipped 0.89 per cent to ₹1,561.90, and IndiGo declined 0.84 per cent to ₹4,736.00.
On the commodities front, precious metals were recovering ahead of the Fed decision. COMEX Gold was trading near $4,370, up 1.02 per cent, while MCX Gold was up 0.56 per cent, recovering off the ₹1,50,700–₹1,50,000 support zone. COMEX Silver outperformed with a 2 per cent gain, trading above $65, while MCX Silver was up over 1 per cent near ₹2,35,000, with both metals drawing some short-covering interest.
Crude consolidates, rupee under pressure
Crude oil showed signs of intraday consolidation. MCX Crude Oil was pulling back 1.53 per cent, though it held above the ₹10,000 mark. WTI crude was trading near the $105–106 zone, down 0.60 per cent, with an RSI at 72 pointing to overbought conditions even as Middle East supply concerns kept a floor under prices.
The rupee remained under pressure. USD/INR was trading near 95.87, just below the 96.00 resistance zone, with RSI at 63 confirming continued bullish momentum for the dollar. Reported RBI intervention through state-run banks was limiting the pace of rupee depreciation, though the currency trajectory will hinge on the Fed outcome tonight.
The Nifty 50’s immediate resistance remains at 23,300–23,400, while the Bank Nifty, which opened near 56,008, faces resistance at 56,200 and a key hurdle at 56,700–56,800. Support for the Nifty is placed at 23,100–23,070, coinciding with the June low, a break below which could intensify selling pressure.
With the FOMC decision due later tonight, market participants are in a holding pattern. A widely expected 25-basis-point rate hike may not move markets on its own, but Fed Chair Kevin Warsh’s commentary on the inflation outlook and future rate trajectory is expected to drive volatility in currencies, bonds and equities through the remainder of the week.