1 hr ago
Indian Shares Open Higher as Rate-Sensitive Stocks Lead Gains
Indian stock markets started the day higher.
Shares of car companies and banks led the gains.
Consumer-goods companies also helped lift the wider market.
NTPC and HDFC Bank were the only Sensex stocks to fall.
Oil prices went down, which improved investor confidence in Indian shares.
One analyst said the market could continue correcting if it stays below important levels.
Another said the Federal Reserve’s expected rate increase was already mostly reflected in prices.
Investors were waiting for the Fed’s comments about future interest-rate decisions.
The Sensex and Nifty opened higher, led by gains in auto and banking shares.
The BSE auto index rose 469 points to 59,590, while the BSE Bankex gained 363 points to 63,519.
The BSE consumer durables index climbed 234 points to 60,917, supporting the broader market.
NTPC and HDFC Bank were the only Sensex losers, declining by up to 0.30%.
Falling crude prices supported sentiment, while analysts warned that Indian equities remained volatile and sensitive to key technical levels.
- Who
- Indian equity investors, companies listed on the Sensex and Nifty, and market analysts including Shrikant Chouhan and V K Vijayakumar.
- What
- The Sensex and Nifty opened higher, led by rate-sensitive stocks, while crude prices declined.
- Where
- Indian stock exchanges, including the Bombay Stock Exchange and the National Stock Exchange.
- When
- At the start of the reported trading session, following Tuesday’s market decline.
- Why
- Lower crude prices supported sentiment, while investors also considered expectations surrounding the Federal Reserve’s interest-rate decision and commentary.
Key facts
- Market opening
- The Sensex and Nifty opened higher.
- Leading sectors
- Auto and banking stocks led gains; both are described as rate-sensitive sectors.
- BSE Auto index
- Rose 469 points to 59,590.
- BSE Bankex
- Rose 363 points to 63,519.
- Crude prices
- Brent crude fell 0.86% to $107.82 a barrel; West Texas Intermediate fell 0.92% to $104.86.
- Previous Sensex close
- The Sensex fell 777.94 points, or 1.04%, to 74,003.82.
- Previous Nifty close
- The Nifty 50 declined 279.50 points, or 1.19%, to 23,118.60.
Quotes
Shrikant Chouhan
Head of Equity Research at Kotak Securities
“In today’s meeting, the Fed is most likely to raise interest rates by 25 bp.”
businesstoday.in
“The overall market texture remains volatile.”
businesstoday.in
Sources
Related news
Nifty Defends 24,000 as Brent Crude Surges Past $95
Indian Stocks Open Lower as Crude, IT and Autos Weigh
Sensex, Nifty Open Higher as Oil Prices Ease
Sensex, Nifty Rise as Crude Oil Prices Fall
Indian stock markets rebound as Sensex, Nifty rise early
Sensex, Nifty Seen Higher Despite Crude and Global Risks
Oil Surge and Rate Fears Send Indian Markets Tumbling
Indian Companies Favor Volumes as Wholesale Inflation Outpaces Retail Prices
J&K Crime Branch Secures Rs 4.50 Crore Refund for Depositors
RBI OMO Announcement Sends Indian Bond Yields And Rupee Lower
