Nifty Tops 19,800 Ahead of Fed Outcome, India VIX Jumps 6%

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Nifty Tops 19,800 Ahead of Fed Outcome, India VIX Jumps 6%

By Malvika Gurung -- Major Indian indices made a positive opening on Wednesday amid mixed cues from global markets and ahead of the Federal Reserve’s monetary policy decision later in the day.

At 12:30 pm, benchmark indices Nifty rose 0.68% to 19,814.2 points and the 30-scrip Sensex surged 0.71% or 471.1 points. The Indian market volatility barometer India VIX jumped 6% to 10.86 levels on Wednesday.

Behemoths including Larsen & Toubro (NS: LART ), Reliance Industries (NS: RELI ), ITC (NS: ITC ) and Adani Ports (NS: APSE ) led the support in the Indian market, pushing both the headlines higher, also outperforming its Asian peers ahead of the Fed’s two-day July monetary policy meeting decision.

Read Also: L&T Jumps 4%: Nifty, Sensex Top Gainer on Stellar Q1 Earnings, Strong Outlook

The 30-scrip Sensex snapped a three-day losing run on Wednesday, with most stocks seen trading in the green. The index has zoomed 6.14% over the past month, while Nifty50 is up 6% in this period.

Barring Nifty Consumer Durables, all the sectoral indices listed under the Nifty umbrella traded in the green, led by an over 1% jump in Nifty PSU Bank , followed by Nifty FMCG . Nifty Bank traded 0.23% higher.

The automaker giant M&M (NS: MAHM ) led the losses on the Nifty pack, along with heavyweights including SBI Life (NS: SBIL ) and Titan (NS: TITN ).

Investors globally await the US Fed’s interest rate hike announcement scheduled for later today, followed by Fed Chair Jerome Powell’s press conference .

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  • Sanjay Kumar @Sanjay Kumar
    Right competition 😃
    Like 1
  • Right competition
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