The Indian benchmarks continued their uptrend on Wednesday after yesterday’s positive session; the rally came ahead of the US Federal Reserve Meeting. Sensex rallied 866.97 points or 1.12% to finish at 77,632.89, and the Nifty ended just shy of the 24,250 mark at 24,241 with a gain of 1.06%. Bank Nifty closed 450.30 points or 0.79% higher. India VIX eased 4.28%.
Oil prices increased as renewed tensions in the Middle East reignited concerns over global crude supplies. Lower US crude inventories and expectations around OPEC+ production policy also lent support to the market. Brent crude futures rose 3.78% to $87.42 per barrel. US West Texas Intermediate (WTI) advanced 3.68% to $82.18 per barrel.
| Company | Gain (%) |
|---|---|
| Jio Financial Services (JIOFIN) | 4.92 |
| Hindustan Unilever (HINDUNILVR) | 4.81 |
| Infosys (INFY) | 4.32 |
| Hindalco Industries (HINDALCO) | 2.95 |
| Tata Steel (TATASTEEL) | 2.67 |
Market sentiment remained stock-specific during the session, with investors favoring financials, IT, metals, and FMCG counters. Jio Financial Services led the gainers with a nearly 5% rise, followed by strong buying in Hindustan Unilever, Infosys, Hindalco Industries, and Tata Steel, supported by optimism around earnings, consumption demand, and improving sector outlooks.
| Company | Loss (%) |
|---|---|
| Adani Ports (ADANIPORTS) | 3.03 |
| Mahindra & Mahindra (M&M) | 1.32 |
| Power Grid Corporation (POWERGRID) | 0.67 |
| Eicher Motors (EICHERMOT) | 0.51 |
| Bajaj Auto (BAJAJ-AUTO) | 0.43 |
On the downside, Adani Ports emerged as the top loser amid profit booking, while Mahindra & Mahindra also traded lower. Selling pressure was relatively limited, with Power Grid Corporation, Eicher Motors, and Bajaj Auto witnessing marginal declines as investors remained cautious ahead of key domestic and global market triggers.
Also Read: TCS Share Price Jumps as IT Stocks Stage a Sharp Comeback
The US Federal Reserve kicked off its two-day monetary policy meeting on Tuesday, July 28. The rate-setting Federal Open Market Committee (FOMC), which convenes eight times a year, is scheduled to announce its interest rate decision on Wednesday, July 29.
The FOMC will assess key economic data, including inflation, economic growth, and labor market conditions, before deciding on the federal funds rate.
The upcoming meeting will also be Kevin Warsh's second Federal Reserve policy meeting, with the US central bank widely expected to keep interest rates unchanged.
During its previous policy meeting, the US Federal Reserve kept its benchmark interest rate unchanged, with the FOMC deciding to maintain the federal funds rate within the 3.5%-3.75% target range.
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