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Indian stocks rise as investors await the Fed and oil jumps
The Nifty 50 opened up 0.77% to 24,170.40 and the Nifty IT index rose 2.3%, as crude oil gained 4.3% amid Middle East-linked concerns.
Indian benchmark indices opened higher on Wednesday, with IT stocks leading gains as investors positioned ahead of the US Federal Reserve interest rate decision, according to LiveMint Markets. The outlook for future policy moves remained a focus for market participants given ongoing inflationary pressures and mixed signals from policymakers.
Geopolitical developments in the Middle East also influenced sentiment, with renewed military activity stoking concerns about stability and contributing to a sharp rise in crude oil prices. Oil climbed 4.3%, adding to worries over potential supply disruptions.
At the open, the Nifty 50 was up 0.77% to 24,170.40 and the Sensex gained 0.88% to 77,442.68 by 9:16 IST, with positive market breadth as 13 of 16 major sectoral indices traded higher.
The Nifty IT index rose 2.3% and extended its three-day rally to 8.4%, while the source cited a short-term support zone around 23,800 for the Nifty 50 and an upside range of 24,200 to 24,350 as long as support holds.
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