Nifty tops 19,800 ahead of Fed outcome, India VIX jumps 6%

Investing.com -- Major Indian indices made a positive opening on Wednesday amid mixed cues from global markets and ahead of the Federal Reserve’s monetary policy decision later in the day.

At 03:00 ET (07:00 GMT), benchmark index Nifty rose 0.68% to 19,814.2 points and the 30-scrip Sensex surged 0.71% or 471.1 points. The Indian market volatility barometer India VIX jumped 6% to 10.86 levels.

Behemoths including Larsen&Toubro (NS:LART), Reliance Industries (NS:RELI), ITC (NS:ITC), and Adani Ports (NS:APSE) led the support in the Indian market, pushing both the headlines higher, also outperforming its Asian peers ahead of the Fed’s two-day July monetary policy meeting decision.

The Sensex snapped a three-day losing run on Wednesday, with most stocks seen trading in the green. The index has zoomed 6.14% over the past month, while the Nifty 50 is up 6% in this period.

Barring Nifty Consumer Durables, all the sectoral indices listed under the Nifty umbrella traded in the green, led by an over 1% jump in Nifty PSU Bank, followed by Nifty FMCG. Nifty Bank traded 0.23% higher.

The automaker giant M&M (NS:MAHM) led the losses on the Nifty pack, along with heavyweights including SBI Life (NS:SBIL) and Titan (NS:TITN).

Investors globally await the US Fed’s interest rate hike announcement scheduled for later today, followed by Fed Chair Jerome Powell’s press conference.