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Street Mood Ahead of Fed Decision: Nifty Posts Marginal Gains, Metals Outshine

Investing.com -- Indian equity benchmark indices traded with marginal gains on Wednesday ahead of the US Fed’s interest rate decision later in the day, along with Fed Chair Jerome Powell’s post-policy press conference.

At 13:15 IST (07:45 GMT), headlines Nifty50 advanced 0.19% to 18,752.55 levels and Sensex gained 74.24 points or 0.12%. The market fear barometer India VIX rose 1.42% to 11.26 levels while writing.

A jump in metal stocks is driving the market on positive grounds with support lent from state-owned market heavyweights Power Grid Corporation of India (NS:PGRD) and NTPC (NS:NTPC). On the other hand, IT and banking stocks exerted pressure on Dalal Street.

The sectoral indices under the Nifty umbrella traded mixed in Wednesday’s session, with Nifty Metal surging over 1% and Nifty Bank down 0.2%.

Tata Consumer Products' (NS:TACN) shares surged 5.4% and hit a fresh 52-week high in the session, leading the Nifty50 pack. Bajaj Finserv (NS:BJFS) was the worst performer on the index, followed by banking giants IndusInd Bank (NS:INBK) and ICICI Bank (NS:ICBK).

Key US contracts Dow Futures slipped 0.1% and Nasdaq 100 Futures rose 0.2%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.