Excluding Nifty FMCG, all 12 other sectoral indices posted gains. HUL, Varun Beverages, and Britannia weighed on the Nifty FMCG, pulling it down by 0.8 percent.

The Sensex and Nifty opened slightly higher on September 16, mirroring upbeat global markets and bolstered by energy and banking sectors on the domestic front. The US Federal Reserve’s upcoming monetary policy decision, where investors are hopeful for an interest rate cut also added fuel to the rally.

At 9.20 AM, Sensex was up 136 points or 0.2 percent at 83,027 and Nifty 50 was up 42 points at 25,399. About 1,988 shares advanced, 824 shares declined, and 128 shares remained unchanged.

Prashanth Tapse, Senior VP (Research) at Mehta Equities said that investor sentiment is optimistic ahead of the Fed’s September 17-18 meeting.

“The short-term trend for Nifty remains bullish,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that Nifty 50 is likely to face resistance at 25,527, and find support at 24,885 in the near term.

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Excluding Nifty FMCG, all 12 other sectoral indices posted gains. HUL, Varun Beverages, and Britannia weighed on the Nifty FMCG, pulling it down by 0.8 percent.

Among the top laggards on Nifty 50, Nestle, SBI Life, Hero MotoCorp, Britannia, and HUL dropped between 0.3-2.2 percent. In contrast, Tata Steel, Grasim, Hindalco, NTPC, and Adani Enterprises led the gainers, climbing 1-2 percent.

The broader market saw modest gains as well, with the BSE Midcap inching up 0.3 percent and the BSE Smallcap advancing by 0.5 percent.

Asian markets presented a mixed bag this morning, as China and South Korea were closed for the Mid-Autumn Festival, and Japan observed Respect for the Aged Day. Hong Kong’s Hang Seng Index dropped by half a percent, weighed down by disappointing Chinese data over the weekend. August factory output, retail sales, and investment figures missed forecasts, while urban unemployment hit a six-month high and home prices fell at their sharpest pace in nine years.

Across the Pacific, the three major US indices closed last week on a high note, with the S&P 500 and Nasdaq Composite delivering their best weekly performance of 2024.

All eyes are now on the Fed’s policy meeting, where many anticipate the first interest rate cut since 2020. The CME FedWatch Tool indicates a 41 percent chance of the target rate dropping to 5.00-5.25 percent, and a 59 percent chance of it falling further to 4.75-5.00 percent, from the current 5.25-5.50 percent.

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