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Nifty’s volatility persists as US Fed policy meeting approaches

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Nifty remains volatile ahead of US Fed policy meeting

The Nifty remained volatile on Wednesday ahead of the US Fed’s policy meeting, closing below the previous consolidation low. The Nifty 50 closed at 21,839.10, while Sensex closed at 72,101.69, up 89.64 points. The Nifty ended the session below the critical moving average, with resistance at 21,900-22,000.

Favourable global sentiment and solid tax collection lifted Indian markets. Robust FII and DII inflows sustained the market, with reduced odds of a rate cut by the US Fed in June. Domestic mid and smallcaps are expected to lag largecaps in the short-term.

Nifty Oil & Gas and Nifty Energy were the top gaining sectors on Wednesday. Eicher Motors, Maruti Suzuki, Power Grid Corporation, Nestle India, and ONGC were among the top Nifty gainers, while Tata Steel, Tata Consumer Products, Tata Motors, Axis Bank, and Cipla were among the losers.

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