The Indian markets have been trading near their day's highs as they await the outcome of the US Federal Reserve's meeting. Benchmarks Nifty50 and the Sensex surged by around 1.5% ahead of the meeting outcome. The Fed`s two-day meeting will end later in the day, where the U.S. central bank is widely expected to raise its benchmark overnight interest rate by a quarter of a percentage point, said Reuters. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

"Domestic investors will keep a close watch on Fed`s stance and take cues on what it would mean for emerging economies," it said.  

See Zee Business Live TV Streaming Below:

The broader Nifty50 gained 1.49% to trade at 16,912, while the 30-share Sensex added nearly 850 points or 1.52% to 56,624.21 as 48 shares advanced on the former, while all shares, except Sun Pharma, sat in the green on the Sensex.   

Nifty midcap and small cap indices gained 1.7 and 1.1% respectively as India VIX calmed down to below 25.  

Among Sectors, Nifty Bank gained nearly 2% to trade above 35,600. All sectoral indices sat in the green, but metal, realty, consumer durables and private bank saw maximum buying interest.  

Axis Bank, Ultratech Cement, IndusInd Bank, Bajaj Finserv, Tata Motors, Bajaj Finance, HDFC ltd, Tata Steel and Kotak Bank gained the most.  

Cipla and Sun Pharma were the only two stocks that traded negative on the two indices. 

"On the Technical front, the key resistance level for Nifty50 is 16,850 followed by 17,100 and on the downside 16,500 and 16,350 will act as strong support," Mohit Nigam, Head - PMS, Hem Securities, had said in his morning commentary.