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NSE Nifty was up by 0.82 per cent or 173.80 to 21,599.85 points, while the BSE Sensex was at 71,727.72, up by 0.83 per cent or 587.82 points.
A total of 3,871 stocks were actively traded; 2,431 advanced, while 1,331 declined, and 109 stocks remained unchanged, where 398 stocks hit a 52-week high and 17 stocks hit a 52-week low at 1.30 pm on Wednesday.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The Fed decision tonight and the interim Budget tomorrow will weigh on markets in the near term. Global markets will keenly watch the Fed’s comments on the timeline and quantum of rate cuts. The first-rate cut is likely to come in June 2024.
The decline in the 10-year yield to 4.02% is positive since it will restrain FPI outflows. The domestic market will be focused on the interim Budget, particularly on any proposals regarding taxation of investments relating to the capital market. The fiscal deficit and its glide path are also crucial since stable growth is hugely important from the market perspective. Stock-specific movements are likely in response to sectoral allocations in the Budget.”
Major gainers on the NSE at 1.30 pm include Dr Reddy’s (4.74%); Eicher Motors (3.22%); Sun Pharma (3.01%); Axis Bank (2.62%); Divi’s Lab (2.48%). Major losers include L&T (-4.09%); Titan (-1.17%), Tata Consumers (-0.35%); BPCL (-0.24%); and NTPC (-0.22%).
BSE Midcap was up by 1.20 per cent, and Smallcap was up by 1.50 per cent, indicating gains
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