The domestic stock market closed higher for the fourth consecutive session on Wednesday. The Bombay Stock Exchange (BSE) index, Sensex today closed with a decent gain of 286 points or 0.35 per cent at 81,741.34, while the Nifty 50 closed with a gain of 94 points or 0.38 per cent at 24,951.15. The Bank of Japan surprised the markets on Wednesday when it raised interest rates and announced a detailed plan to slow down bond-buying. The move by the Bank of Japan is a step towards gradually ending a decade of massive stimulus.
According to experts, the domestic market is looking to cross the psychological level of 25,000 as weak Q1 FY25 earnings and stretched valuations are posing a challenge, while positive global trends and sector rotation are supporting the momentum.
An eye on the policy of the US Federal Reserve
After the Bank of Japan’s surprise, all eyes are on the US Federal Reserve’s policy outcome due later today. The Fed is widely expected to keep rates unchanged on Wednesday, but market participants are hoping that September will signal the start of the rate-cutting cycle. The BSE midcap index outperformed the Sensex on Wednesday and jumped 0.86 per cent. The smallcap index witnessed profit-booking and slipped 0.14 per cent, snapping its winning streak of three consecutive sessions.
These stocks were the most profitable
Maruti Suzuki India, JSW Steel, HDFC Life Insurance, Asian Paints and NTPC were the top gainers on the National Stock Exchange (NSE) Nifty 50, while laggards included Britannia Industries, Dr Reddy’s Lab, Apollo Hospitals, Tata Consumers and Reliance Industries. The Indian Volatility Index (India VIX) rose 3.26% to close at 13.30.
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