Mumbai, Sep 17 (IANS) Indian benchmark indices ended the session on a muted note on Thursday as investors assessed the outcome of the US Federal Reserve’s policy meeting and its implications for global markets.
The Sensex slipped 21.86 points, or 0.03 per cent, to close at 74,314.59, while the Nifty gained 53 points, or 0.23 per cent, to settle at 23,270.60.
Commenting on Nifty technical outlook, experts said that on the technical front, the Nifty is approaching resistance at 23,300. “A sustained break above this level could extend the recovery towards 23,500, while support remains at 23,200 and 23,000,” market experts stated.
Buying interest was seen across select heavyweight stocks, with Tata Motors Passenger Vehicles (TMPV), HDFC Life Insurance Company and SBI Life Insurance Company emerging as the top gainers on the Nifty index.
Broader markets outperformed the benchmark indices, with the Nifty MidCap index rising 0.92 per cent and the Nifty SmallCap index advancing 0.76 per cent.
Among sectors, Nifty Realty, Nifty Auto and Nifty Metal emerged as the key outperformers. In contrast, banking stocks remained under pressure, with Nifty Bank, Nifty PSU Bank and Nifty Private Bank among the biggest sectoral decliners.
Experts said that the market remained range-bound as participants weighed the US Federal Reserve’s policy outcome while tracking sector-specific movements and broader market sentiment.
Meanwhile, experts said that INR is expected to be under pressure in today’s session and may pass through the hurdle of 96-per-USD after the US Fed reserve’s announcement of rate hike and indicate that further tightening policy in future to target inflation rate of 2 per cent.
“Turning to the technical outlook, the spot USD/INR pair remains in an overall upward trend following its recent surge,” market experts noted.
“Upside immediate hurdle would be at 96.25 and support would be at 95.40 – 95.75,” analysts noted.
–IANS
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