Sensex Gains 343 Points, Nifty 106 Points – Top Gainers M&M, IndusInd

After opening on a flat note, the Sensex gained 343 points to trade at 59,142 and the Nifty50 rose 106 points to 17,625 in early trade.

Indian markets could show caution ahead of the US Fed’s monetary policy meeting this week, experts say.

The US Fed meeting is scheduled from September 20 to September 21 this week. Overall, forecasts say the US central bank will continue to raise interest rates.

Analysts believe the focus will be on the Fed meeting this week.

“Globally, the Fed’s interest rate decision can cause jitters in markets. Given the US Fed’s hawkish stance, some people even expect a 100 bps rate hike. US markets have already faced deep cuts as they reacted to the August 22 headline CPI and core inflation data,” said Apurva Sheth, head of market outlook at Samco Securities.

The Bank of England will also announce its interest rate decision this week. Asian markets remained under pressure as 13 central banks around the world are expected to raise interest rates.

“Although India has significantly outperformed all other major markets, it is expected to remain volatile,” Sheth said.

Banks, auto and IT, metals were the top gainers today, while metals and pharma were the top losers.

SEE ALSO: Explainer: Should you invest in silver ETFs?
India’s digital currency to be launched in FY23 to be cost-effective, transparent and secure