Indian stock markets rose over 0.4 per cent at the pre-close session on Wednesday led by realty, banking, FMCG and oil & gas stocks amid firm European cues.
Global markets await the much-anticipated outcome of the US Federal Reserve policy meeting in which the central bank is expected to reduce the scale of its bond-buying programme.
At 3.00 p.m., the Sensex was trading at 19,900.74, up 96.71 points or 0.49 per cent and the Nifty was up 32.75 points or 0.56 per cent at 5,882.95.
“Apart from the Fed's policy results, investors will now look forward for the first monetary policy decision by the new RBI chief Raghuram Rajan on 20th September, 2013,” Angel Broking said in a research report.
Among sectoral indices, Realty (1.82 per cent), Bankex (1.37 per cent) and FMCG (1.27 per cent) led the charge on the BSE. Top losers were Auto (0.13 per cent) and Metal (0.04 per cent).
NTPC, Tata Power, SBI, HUL and Dr Reddy's were the top five Sensex gainers, while the top five losers were BHEL, Hero MotoCorp, Sesa Goa, HDFC and M&M.
A report from India Forex Advisors said: “For the Fed, consensus has congealed around a reduction of $10-$15 billion a month, with all purchases ending by the middle of next year. The bigger reaction will likely come if the Fed pulled back more aggressively, as that would lead the markets to price in an earlier start to rate rises as well. That would be especially painful for Emerging Market countries that rely on foreign capital to fund current account deficits, with India and Indonesia being amongst the most vulnerable.”
European stocks were up as investors awaited the Federal Reserve’s decision on reducing its monthly bond purchases. US index futures were little changed, while Asian shares rose.
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