Sensex Today: Nifty nears 23,300 as markets react to Fed rate hike

Indian benchmark indices traded higher in early trade on September 17, with the Nifty near 23,300 and the Sensex up around 130 points. The market remained cautious after the US Federal Reserve raised interest rates by 25 basis points.

At around 10 am, the Sensex was at 74,469.35, up 132.90 points or 0.18%, while the Nifty was at 23,281.15, up 63.55 points or 0.27%.

Nifty and Sensex today

The Nifty opened around 23,225 and moved higher during early trade. The Sensex also recovered after a weak opening.

Around 2,274 stocks were advancing, while 996 were declining and 148 remained unchanged.

Top Nifty gainers

Eternal led the Nifty gainers, rising around 2.7%. Bharat Electronics, Bajaj Finance, HDFC Life and Shriram Finance were also among the major gainers.

The Nifty Bank index traded slightly higher, while the Nifty IT index remained under pressure.

IT stocks remain weak

IT stocks were among the weaker parts of the market. HCL Technologies, TCS, and Infosys traded lower.

Higher US interest rates and concerns around global demand remained in focus for technology companies with significant exposure to the US market.

Fed rate hike puts markets in focus

The US Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4%. It was the Fed's first rate hike since 2023.

The move has also put pressure on emerging market currencies. The Indian rupee opened at around Rs 96.01 against the US dollar on September 17.

Stocks to watch today

Stock	Early move
Eternal	Up 2.7%
Bharat Electronics	Up 1.67%
Bajaj Finance	Up 1.56%
HDFC Life	Up 1.51%
Shriram Finance	Up 1.48%
HDFC Bank	Down 0.86%
HCL Technologies	Down 0.93%
TCS	Down 0.69%

Market participants are also tracking crude oil prices, foreign fund flows, the rupee and the ongoing NSE IPO as the trading session progresses.