Sensex rises 200 points ahead of US Fed rate decision, Nifty above 21,850

Tracking gains from global peers ahead of the U.S. Federal Reserve‘s rate decision and commentary, Indian equity indices opened higher on Wednesday, led by auto and IT stocks.

The BSE Sensex was trading 212 points or 0.29% higher at 72,233. Nifty50 was trading at 21,888, up 71 points or 0.33% at around 9.20 am.

Among the Sensex stocks, Maruti, HCL Tech, Wipro, and Power Grid were the top gainers, rising over 1% each in early trade. On the flip side, HUL, Bajaj Finserv, ICICI Bank, and HDFC Bank opened with cuts.

Sector-wise, Nifty Auto rose 1.1%, and Nifty PSU Bank gained 0.6%. Nifty IT, Metal, Realty, and Oil & Gas also opened higher, whereas Nifty FMCG and Consumer Durables opened lower.

The Fed is expected to keep rates unchanged when it meets after the closing bell on Wednesday. The focus will be on the commentary, as investors look for clues into the future rate trajectory in the United States.

Markets have pushed back the timing of the first Fed rate cut to June due to sticky inflation data.MORE TO COME…