Indian markets open nearly 1 pc higher; IT stocks lead rally
Mumbai, July 29
Indian equity markets opened sharply higher on Wednesday, with the benchmark indices gaining nearly 1 per cent each as investors awaited the US Federal Reserve's policy decision.
Sensex opened at 77,423.77, up 657.85 points or 0.86 per cent, while the Nifty started at 24,176.65, rising 191.30 points or 0.80 per cent.
Sector-wise, most indices traded in the green in early deals, led by Nifty IT which jumped over 2 per cent.
Meanwhile, Nifty MidSmall IT & Telecom gained 1 per cent, followed by Nifty Chemicals (0.99 per cent) and Nifty FMCG (0.81 per cent).
On the downside, Nifty Realty fell 0.39 per cent, while Nifty Oil & Gas slipped 0.15 per cent.
Analysts said global markets remained mixed ahead of the Fed's policy decision and key corporate earnings, while higher Brent crude prices amid renewed geopolitical tensions could keep commodity prices volatile.
They said the market's current range-bound trend is likely to break on the upside, supported by fairly valued Nifty stocks, though sustained FII buying would depend on greater clarity over crude oil prices and the progress of the monsoon.
The Fed is widely expected to keep rates unchanged, a move that is already priced into Indian markets and is therefore unlikely to trigger a significant reaction, analysts added.
Additionally, Brent crude rose 4.85 per cent to $88.17 per barrel, while US WTI crude gained 5 per cent to $83.30 per barrel.
Asian markets traded mixed, with Japan's Nikkei down 2 per cent, Hong Kong's Hang Seng up over 1 per cent and South Korea's KOSPI falling nearly 9 per cent.
Wall Street ended mixed overnight, with S&P 500 gaining 0.21 per cent while the Nasdaq slipped 0.22 per cent.
— IANS
Reader Comments
Finally some green on the screen! As a small investor, I'm feeling hopeful seeing Nifty IT jump 2%. Just praying this trend sustains through the Fed decision. Let's see if FIIs return to D-Street or not. Fingers crossed! 📈🤞
Good to see market optimism, but I'm concerned about the realty and oil & gas sectors falling. With geopolitical tensions rising and Brent above $88, energy costs could hurt everyone - from common people to businesses. Also, Korea's KOSPI down 9% is worrying for global sentiment. Let's not get carried away by one day's gains.
Honestly, the market is too unpredictable for retail investors like me. I'm just happy my IT stocks are up today. But I wish analysts would give more practical advice instead of just saying "range-bound trend will break on upside" - that's like saying 'it will go up or down'! 😅 Everyone, please invest carefully and don't chase FOMO.
IT stocks rallying makes sense - our companies are doing great work globally. But the Fed decision is key, and while they'll likely hold rates, let's be real - one bad news and pani sir ke upar ho jayega. To all investors: diversify, mutual funds mein bhi daalo, na ki sirf stocks mein. Sustainability matters more than daily gains!
Great to see the markets in green! But I respectfully disagree with the article's claim that the Fed decision is "already priced in." Every time they've said that, markets have reacted unpredictably
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.