Indian benchmark indices opened Wednesday's session on a positive note, with IT stocks leading the advance as investors positioned themselves ahead of the US Federal Reserve's interest rate decision. According to reports from LiveMint, the Nifty 50 climbed 0.77% to 24,170.40, while the Sensex advanced 0.88% to 77,442.68 at 9:16 IST. Market breadth remained positive, with 13 out of 16 major sectoral indices trading higher. The IT sector outperformed significantly, with the Nifty IT index rising 2.3%, extending its three-day rally to 8.4%.
The market rally was supported by mixed global cues and domestic factors. As reported by LiveMint, investor sentiment was influenced by fresh developments in the Middle East, where renewed military activity raised concerns over geopolitical stability. This triggered a rise in crude oil prices, with oil gaining 4.3%, adding to worries over potential supply disruptions. Broader market indices also witnessed buying interest, with both mid-cap and small-cap segments gaining 0.6% each. The central bank's statement and comments will be closely analysed for clues on the timing of future rate adjustments.
According to market analysis by Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 couldn't close above 24,000 levels despite having the highest put base on the expiry day, but it didn't close much lower. As reported by LiveMint, 23,800 is the next level which has got a good support, with the upside range testing 24,200 to 24,350 until 23,800 levels are held. The India VIX continues to be on the lower side, indicating no major risk at current levels, with the range likely to be 11-16.
RRIL Ltd. emerged as a top gainer in today's trading session, surging 8.57% to close at ₹17.99 after opening at ₹16.15. The stock reached a high of ₹17.99 with a low of ₹16.15, demonstrating significant intraday volatility. As a Micro Cap stock with a market capitalisation of ₹200 crore, RRIL had to clear a qualifying threshold of 8.1% to be considered a significant price mover, which it successfully exceeded. The trading activity showed 31,573 shares traded with a turnover of ₹0.02 crore, primarily on the BSE where 10,120 shares were traded. The company's financial metrics include a P/E ratio of 23.17x, P/B ratio of 1.76x, ROE of 2.29%, and ROCE of 1.54%.
Jay Thakkar of ICICI Securities recommends three stocks for short-term trading in the F&O segment. For Godrej Properties Futures, the recommendation is to buy in the range of ₹2,140-2,160 with a stop loss below ₹2,080 and targets of ₹2,220 and ₹2,250. For LTM Futures, the suggested range is ₹4,320-4,340 with a stop loss below ₹4,200 and targets of ₹4,500 and ₹4,600. For GAIL Futures, the recommendation is to buy in the range of ₹175-177 with a stop loss below ₹170 and targets of ₹185-190.
