Stock market today: Sensex, Nifty 50 end in green led by realty, auto, pharma stocks; Focus on US Fed meet

The domestic benchmark indices, the Sensex and the Nifty 50, ended in green on Wednesday's trading session led by auto, pharma, realty and metal stocks.

The 30-share BSE Sensex ended higher by 33.57 points or 0.05% at 69,584.60 level while the Nifty 50 closed at 20,926.35 level, up 19.95 points or 0.1%.

Following data revealing a surprise increase in the Consumer Price Index (CPI) in November on a month-over-month basis, shares of IT companies, which are heavily dependent on US revenue, declined on Wednesday's trading session.

The Fed's potential to cut rates in the first half of 2024 appeared unlikely given the data, believes analysts.

According to Labour Department data released on Tuesday, the consumer price index—a widely watched indicator of inflation—rose 0.1% in November and was 3.1% higher than a year earlier, as per reports.

On the broader market front, the Nifty Midcap 100 closed 0.88% higher, and the Nifty SmallCap 100 closed 0.87% higher.

Global stocks were mixed on Wednesday ahead of the US Federal Reserve's interest rate decision, according to an AP news report. Following a mixed session in Asia, European markets opened higher. As oil prices declined, US futures slightly increased.

The Shanghai Composite index fell 1.2% to 2,968.76, while the Hang Seng in Hong Kong fell 0.9% to 16,228.75. The Kospi of South Korea dropped 1% to 2,510.66. In Australia, the S&P/ASX 200 was up 0.3% at 7,257.80. Bangkok's SET dropped 1.3% while Taiwan's Taiex increased by 0.1%.

This inflationary pressure, driven by high food inflation and the looming spectre of El Niño, is poised to persist. The market's focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024," said Vinod Nair, Head of Research at Geojit Financial Services.

As many as 31 stocks settled in the green in the Nifty 50 index while the rest 19 ended in red.

Shares of NTPC Ltd (up 3.78%), Adani Ports and Special Economic Zone Ltd (up 3.08%), Hero MotoCorp Ltd (up 2.88%), Power Grid Corporation of Ltd (up 2.31%) and Eicher Motors Ltd (up 2.13%) ended as top gainers. On the other side, TCS Ltd (down 2.05%), Infosys Ltd (down 1.77%), HDFC Life Insurance Co Ltd (down 1.32 %), Axis Bank Ltd (down 1.25%), and UltraTech Cement Ltd (down 1.16%) were among the laggards.