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New Delhi: Indian stock markets opened on a cautious note on Wednesday, with the BSE Sensex rising 63.70 points to 75,364.96 (+0.08%) in early trade, while the Nifty managed to stay firm above 22,850. However, after a modest start, the Sensex lost steam and turned flat as investors remained watchful ahead of key global economic developments.
Steel and Financial Stocks Lead Early Gains
Steel and financial sector stocks led the early market action, with Tata Steel, Steel Authority of India (SAIL), and One Mobikwik Systems gaining up to 3%. Among the most notable gainers:
- Vodafone Idea surged 3.95% to ₹7.38
- Tata Steel climbed 1.30% to ₹156.67
- Other gainers included YES Bank, NTPC, and NMDC
Rupee Weakens Amid Market Caution
On the currency front, the Indian rupee depreciated by 11 paise, falling to 86.67 against the US dollar, reflecting a cautious sentiment in global currency markets.
Markets Await Federal Reserve's Policy Outlook
The domestic indices had seen strong gains on Tuesday, with the Nifty closing 1.5% higher at 22,855, boosted by positive global cues. US markets extended their rally for the second straight session, bolstering investor confidence in India.
Now, all eyes are on the Federal Reserve’s policy announcement and economic projections, which could offer insights into interest rate trends and the future direction of global markets.
Market Volatility Expected to Continue
Despite the support from global markets, analysts anticipate continued volatility. Investors will be closely monitoring key economic data and corporate earnings reports. Sectors like banking, steel, and IT are expected to play a crucial role in shaping market movements throughout the day.
