Stock Market Update: Sensex, Nifty close with little gains as attention turns to the Fed's decision

Stock Market Update: The benchmark indices Sensex and Nifty closed the day higher, continuing the previous day's surge amid lower domestic inflation and better-than-anticipated US inflation numbers.

To end the day at 62,677.91, the 30-share BSE Sensex gained 144.61 points, or 0.23 percent. It increased 301.81 points or 0.48 percent over the day to 62,835.11.

The NSE Nifty, a wider index, increased 52.30 points, or 0.28 percent, to close at 18,660.30. The 50 equities that make up the Nifty index saw 34 of them close in the black and 16 in the green.

Stock Market Update: Top and least gainers from the Sensex pack

The top gainers in the group for the day were shares of Sona BLW Precision Forgings (up 6.51%), Balkrishna Industries (up 2.35%), Bharat Forge (up 2.16%), Ashok Leyland (up 1.91%), and Eicher Motors (up 1.7%).

Tata Motors, Hero MotoCorp, and TVS Motor Company, on the other hand, closed as the day's top losers (down 0.44 percent, 0.44 percent, and 0.14 percent, respectively).

The others which gained from the Sensex pack included Tech Mahindra, Tata Steel, NTPC, IndusInd Bank, State Bank of India, Power Grid, HCL Technologies, Tata Consultancy Services, and Larsen & Toubro. Among the laggards were Nestle, Bharti Airtel, ICICI Bank, Asian Paints, Hindustan Unilever, and UltraTech Cement.

Geojit Financial's head of research, Vinod Nair said that the Fed will not take a hawkish posture if US CPI inflation declines

The local market's bullishness was boosted by major global economies reporting lower inflation rates than anticipated and by investors' heightened interest in IT equities. If US CPI inflation declines to 7.1% in November, the Fed is less likely to adopt a hawkish stance. Although the Fed is widely expected to increase rates by 50 basis points, market moves would be heavily influenced by their remarks on future inflation and rate actions.

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