Market Update: Sensex up 286 pts,Nifty at 24,950, Pharma gains

Indian shares traded slightly up on Wednesday, supported by Maruti Suzuki India ahead of its quarterly report, amid analyst expectations of ongoing profit-taking as benchmark indexes remain close to their record highs.At close, the Sensex was up 285.94 points or 0.35 percent at 81,741.34, and the Nifty was up 93.85 points or 0.38 percent at 24,951.15. About 1828 shares advanced, 1613 shares declined, and 78 shares unchanged.
Meanwhile, investors are keenly awaiting the U.S. Fed rate announcement later in the day.with growing expectations that the Federal Reserve could announce a rate cut as early as September.
NTPC, Asian Paints, BPCL, JSW Steel and Tata Motors were the top gainers on the Nifty, while losers included Britannia Industries, Dr Reddy's Labs, Tata Consumer, Reliance Industries, Grasim Industries.
On the sectoral front, except realty and PSU Bank, all other sectoral indices ended in the green with media, power, healthcare, metal and pharma added 1 percent each.The BSE midcap index added nearly a percent while smallcap index was ended marginally lower.
Rupee Close:
On 31 July'24,the Indian rupee rose 2 paise to 83.71 against the U.S. currency in early trade on Wednesday,ahead of the U.S. Federal Reserve's policy decision due later in the day.
According to information, Foreign institutional investors(FIIs) were net sellers in the capital markets on July 30, offloaded shares worth Rs.5,598.64 crore.
Trading Guide:
Market experts have recommended these five shares to buy today — Gujarat Mineral Development Corpn, Jindal Steel And Power, Finolex Cables, Chambal Fertilisers and Chemicals and Voltas.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)