Mumbai: Indian equities returned to positive territory on Wednesday, snapping a two-session losing streak as buying in FMCG, realty and public-sector banking shares helped benchmarks recover. Softer crude oil prices also improved risk appetite ahead of the US Federal Reserve’s policy decision.
The Sensex climbed 332.63 points, or 0.45 per cent, to finish at 74,336.45. The Nifty gained 99 points, or 0.43 per cent, to settle at 23,217.60.
Nifty faces resistance
Technically, the Nifty remains trapped beneath a crucial supply zone. Market experts said 23,300–23,400 continues to restrict recovery attempts, while a sustained breakout above 23,500 is required to strengthen the broader chart structure.
On the downside, 23,100–23,070 remains the immediate support pocket. A decisive breach below 23,070 could accelerate bearish momentum, opening the door towards 23,000 and subsequently 22,800.
Heavyweights support benchmarks
Among Nifty constituents, HDFC Life Insurance Company, ITC and SBI Life Insurance Company emerged among the leading gainers, providing support to the headline index.
The broader market, however, failed to mirror the benchmark recovery. The Nifty MidCap index slipped 0.01 per cent, while the Nifty SmallCap index declined 0.18 per cent, signalling continued caution outside large-cap counters.
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Sectoral breadth remained mixed. Nifty FMCG, Nifty PSU Bank and Nifty Realty led the upside, while Nifty IT and Nifty Pharma faced selling pressure and ranked among the weakest sectoral gauges.
Fed guidance takes centre stage
Investor attention has now shifted firmly towards the Federal Reserve and its signals on the future interest-rate trajectory.
Market watchers said balanced policy commentary could extend the recovery, whereas a hawkish stance, another spike in bond yields or Brent crude approaching 110 dollars could quickly revive selling pressure.
The Fed Chair’s commentary will therefore remain crucial for global equities. Investors will scrutinise guidance for clues on future rate moves, global liquidity and foreign capital flows.
For domestic markets, sustaining the rebound will depend on Nifty defending immediate support and eventually clearing its overhead resistance band with convincing participation and stronger breadth.
