Markets close up on gains in European and Asian peers

Sensex rose 286 points to 81,74, while Nifty50 settled higher at 24,951.15

MUMBAI: Indian markets closed higher, tracking gains in European and Asian equities ahead of the key US Federal Reserve’s interest rate decision due later on Wednesday

At closing, the benchmark Sensex rose 0.35 per cent or 286 points to 81,741 points, while the Nifty50 Index settled 0.38 per cent higher at 24,951.15 points.

Among sectoral indices, Nifty Metal was the top gainer, up 1.2 per cent, followed by Nifty Pharma and Media, each up over 1 per cent. Nifty PSU Bank and Nifty Realty were the losers, both down 0.4 per cent.

Federal Reserve rate cut

Federal Reserve officials are expected to signal a potential interest rate cut in September, moving closer to lowering rates from a two-decade high. However, they may not provide specific details. The Federal Open Market Committee will likely keep the benchmark rate at 5.25 per cent to 5.5 per cent, a level reached a year ago, after their two-day policy meeting on Wednesday.

Earlier, the Bank of Japan raised its benchmark interest rate and announced plans to halve bond purchases.