Sensex Live Today: Indian shares remained quiet on Wednesday as benchmarks battled technical resistance levels and traders resisted placing wagers in anticipation of the U.S. Federal Reserve’s anticipated interest rate cut.Analysts anticipate consolidation to continue over the next several sessions as the benchmarks approach all-time highs, Ajit Mishra, senior vice president for technical research at Religare Broking, stated that the recent uptrend would fade out if the Nifty 50 did not hold on to the 18,700 levels.
The moment has come to concentrate on diversification across market capitalizations and industries, according to economists at SBI Funds Management. Six out of the 13 key sectoral indexes saw gains, with the metal sector increasing 1.5% after China slashed lending rates to support economic recovery. The top producer and consumer of metals worldwide is China. High-weightage information technology (IT) stocks fell 0.8% and was the top sectoral loser after global brokerage JP Morgan flagged the possibility of weak earnings in the June quarter. Among individual stocks, Tata Chemicals lost over 3% after slashing soda ash prices. Persistent Systems fell 3% following a JP Morgan downgrade and cut in earnings estimates from fiscal year 2024 through 2026 Wednesday.
Investors also await wholesale price index inflation for May, due on Wednesday. Wall Street equities closed higher on Tuesday, as annual retail inflation in May eased to the lowest in more than two years, official data showed. The odds of a Fed rate pause rose to 93.7% from 75% ahead of the data. [FEDWATCH]Asian markets were little changed ahead of the Fed policy decision, due at 11:30 p.m. IST on Wednesday.