Mumbai, Sep 16 (SocialNews.XYZ) The benchmark indices rebounded on Wednesday after a two-day decline, supported by gains in FMCG, realty and PSU banking stocks, while softer oil prices ahead of the US Federal Reserve’s policy decision also aided market sentiment.
The Sensex gained 332.63 points, or 0.45 per cent, to close at 74,336.45, while the Nifty advanced 99 points, or 0.43 per cent, to settle at 23,217.60.
Commenting on Nifty technical outlook, experts said that on the upside, 23,300–23,400 continues to cap the recovery, while a sustained break above 23,500 would be needed to improve the broader technical setup.
"On the downside, the 23,100–23,070 zone remains the immediate support area, with a decisive break below 23,070 likely to intensify selling pressure and expose the index to the 23,000–22,800 region," market watchers stated.
Among the Nifty constituents, HDFC Life Insurance Company, ITC and SBI Life Insurance Company emerged as the top gainers, lending support to the benchmark indices.
However, gains remained subdued in the broader market. The Nifty MidCap index ended marginally lower by 0.01 per cent, while the Nifty SmallCap index declined 0.18 per cent.
Sectoral performance remained mixed, with Nifty FMCG, Nifty PSU Bank and Nifty Realty emerging as the key outperformers during the session. In contrast, Nifty IT and Nifty Pharma came under pressure and recorded the sharpest declines among the major sectoral indices.
Experts said that market sentiment also remained focused on the outcome of the US Federal Reserve’s policy meeting, with investors monitoring the central bank’s interest-rate outlook.
"Balanced commentary could support further recovery, while a hawkish outlook, renewed strength in bond yields or a move in Brent towards $110 could revive selling pressure and limit the market’s rebound," market experts stated.
"Investors now await the Fed Chair's commentary for deeper insight into the future rate trajectory, with the guidance expected to influence global liquidity conditions, capital flows and the near-term direction of financial markets," analysts noted.
Source: IANS
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