Mumbai, Oct 29 Indian stock markets closed higher on Wednesday, supported by strong global cues and optimism ahead of the US Federal Reserve’s policy decision.
Investor sentiment also improved following reports that the US President may soon finalise a trade deal with India.
The Sensex gained 368.97 points, or 0.44 per cent, to end the day at 84,977.13. The Nifty rose 117.7 points, or 0.45 per cent, to close at 26,053.9.
“The Nifty continues to encounter stiff resistance near the 26,050–26,100 zone, while support remains firm around 25,900–25,660. As long as the index holds above 25,800, the broader trend stays firmly bullish,” experts said.
“A decisive close above 26,100 could open the door for an extended rally toward 26,250–26,400, whereas a dip below 25,900 may trigger mild profit booking at higher levels,” experts stated.
In the Sensex pack, NTPC, PowerGrid, Adani Ports, HCL Tech, and Tata Steel were the top performers.
On the other hand, Bharat Electronics, Eternal, Mahindra & Mahindra, Maruti Suzuki, and Bajaj Finance were among the major losers.
Broader market indices also traded in the green. The NSE Midcap 100 index climbed 0.64 per cent, while the Nifty Smallcap 100 index gained 0.43 per cent.
Among sectoral indices, Nifty Oil & Gas led the gains with a rise of 2.12 per cent. Energy, Metal, Media, Bank, Financial Services, IT, Pharma, FMCG, and Consumer Durables indices also ended higher. However, Nifty Auto was the only sector to close in the red.
Market participants are now closely watching the outcome of the US Federal Reserve’s policy meeting and further developments on the potential India-US trade agreement, which could influence market direction in the coming sessions.
“Optimism over potential progress in India–US trade talks further lifted sentiment,” experts added.
“The upcoming Fed decision remains a key event for global markets; although a 25-bps rate cut is widely anticipated, investors will closely track its commentary for further rate cuts, which will guide the future market trajectory," they mentioned.
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