Mid-day Mood | Sensex, Nifty maintain upward momentum; broader market lags behind

IT stocks, heavily reliant on US revenue, rebounded, rising 0.5 percent after fluctuating in the wake of the Fed's decision.

The Sensex and Nifty maintained their upward momentum at noon on September 26, marking another session of record highs following the US Federal Reserve's 50 basis point rate cut. Gains in IT and banking stocks provided a solid boost to the Nifty 50 index.

Around noon, the Sensex was up 213 points or 0.3 percent at 85,383 and the Nifty was up 58 points or 0.2 percent at 26,062. About 1,439 shares advanced, 1,800 shares declined, and 111 shares remained unchanged. Today, Sensex touched a lifetime high of 85,462, and the Nifty reached a milestone of 26,087.

Despite the record-breaking highs in the benchmarks, broader market indices underperformed, with the BSE Midcap slipping 0.4 percent and the Smallcap index dipping 0.2 percent.

Later in the day, market participants will closely monitor comments from Fed Chair Jerome Powell and other key officials for insights into the central bank's next monetary steps.

Follow our live blog for all the market action

Sectoral Trend

IT stocks, heavily reliant on US revenue, rebounded, rising 0.5 percent after fluctuating in the wake of the Fed's decision. In contrast, the Nifty Energy index faced profit booking after four consecutive sessions of gains, falling 0.2 percent, making it the worst-performing sector of the day.

Fundamental View

"There are no immediate near-term triggers that can take the market sharply up or down," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. "Up moves may attract selling by FIIs who are likely to move some more money to China and Hong Kong since these markets are cheap and are witnessing an uptrend now. But FII selling is unlikely to push the market down significantly since the ample domestic liquidity can easily absorb such selling."

Technical View

"As far as levels are concerned, 26,200-26,250 is the next potent resilience for the benchmark index (Nifty 50)," said Sameet Chavan, Head Research, Technical and Derivative - Angel One. "On the lower end, 25,850-25,800 is likely to cushion any short-term blips."

Also Read | Nomura roots for valuation premium for Hyundai Motor India over rival Maruti Suzuki

Key Nifty gainers

Maruti Suzuki, Tata Motors, Bajaj Finserv, HDFC Life, HCLTech

Key Nifty losers

Hero MotoCorp, ONGC, M&M, Divis Labs, NTPC

Key Sensex gainers

Maruti Suzuki, Tata Motors, Bajaj Finserv, HCLTech, Tata Steel

Key Sensex losers

M&M, NTPC, Power Grid, Titan, HDFC Bank

Stock moves

Gensol Engineering: Shares surged 8 percent after its promoter and managing director, Anmol Singh Jaggi lapped up 12,000 shares of the company, although a marginal stake increase but still enough to usher confidence among investors.

Hero MotoCorp: Shares fell over 2 percent after UBS reiterated its bearishness on the counter with a 'sell' call as it sees multiple concerns for the two-wheeler major.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.