Sensex, Nifty rise ahead of US Fed rate decision; Ola Electric shares surge

Benchmark stock market indices ended Tuesday’s trading session marginally higher as investors eye a likely interest rate cut by the US Federal Reserve on September 18.
The S&P BSE Sensex was up 90.88 points at 83,079.66 at the closing bell, while the NSE Nifty50 gained 34.80 points to settle at 25,418.55.
Most of the other broader market indices were mixed, with smallcap and midcap stocks remaining under pressure.
The top 5 gainers on the Nifty50 were Hero MotoCorp, Bajaj Auto, Bharti Airtel, NTPC and M&M.
On the other hand, the top losers were Tata Motors, Eicher Motors, Tata Steel, Coal India and JSW Steel.
Meanwhile, shares of Bajaj Housing Finance continued their upward climb, hitting an upper circuit of 10% after its bumper listing yesterday.
Shares of Ola Electric Mobility also jumped sharply nearly 10% to Rs 118.10.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The Indian market exhibited a subtle positive momentum, driven by the anticipation of a rate cut cycle by the US Fed. Although a 25-bps cut is largely factored in, the market remains attuned to the Fed’s comments on the health of the economy and the future trajectory of rate cuts.”
“Further, robust institutional flows continued to bolster the domestic market. While the overall trend remained positive, there was notable buying interest in large-cap stocks, particularly in sectors such as IT, FMCG, and private banks,” he added.