Benchmark indices Nifty 50 and Sensex remained steady throughout Tuesday, closing at record highs as traders awaited the US Federal Reserve’s key rate decision, set for Wednesday night in India.

The Federal Reserve is expected to ease monetary policy after its 2-day meeting, but uncertainty remains about the size of the rate cut, whether it will be 25 or 50 basis points.

Sensex climbed by 90.88 points to 83,079.66, while Nifty gained 34.80 points, reaching 25,418.55. Despite these record closing highs, overall market activity remained subdued.

The Nifty Midcap 100 underperformed and slipped 79 points to 60,180.75, while the Nifty Bank index posted an increase of 35.50 points to 52,188.65.

Public sector undertakings ended in the red as the Nifty PSE and Nifty PSU Bank indices declined by nearly 1%.

Bajaj Auto led the Nifty 50 gainers, boosted by positive feedback after launching new Triumph variants. Hero MotoCorp also hit a record high, rising over 3%.

City gas companies saw strong gains due to positive brokerage notes, with MGL reaching a record high. Vedanta rose nearly 1% after addressing an issue at its Odisha refinery.

Asian Paints and BPCL closed lower as Brent crude oil prices dropped to $73 per barrel. Bajaj Housing Finance hit the upper circuit for the second consecutive day.

Ola Electric hit the 10% upper circuit and Neogen Chemicals surged over 12%, both boosted by positive brokerage notes. In contrast, SpiceJet fell over 6% after announcing plans to raise Rs 3,000 crores through a QIP.

Market breadth was balanced with an advance-decline ratio of 1:1. The suspense around the Fed’s rate decision also pressured the US dollar, pushing the Indian rupee up by 0.1% to 83.721 per dollar by 4:00 PM Indian Standard Time (IST).

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