The key equity benchmarks pared all early gains and traded with minor losses in mid-morning trade, tracking mixed global cues after the U.S. Federal Reserve kept interest rates unchanged while signaling the possibility of a rate hike later this year. Despite the cautious sentiment, the rupee edged higher against the U.S. dollar, while Brent crude prices eased. Investors remained watchful of monsoon progress, foreign institutional investor (FII) activity, and inflation trends for directional cues. Nifty traded below the 24,050 mark.

FMCG shares advanced after declining in the past trading sessions.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 145.97 points or 0.19% to 77,010.37. The Nifty 50 index fell 34.80 points or 0.14% to 24,050.90.

In the broader market, the BSE 150 MidCap Index was flat and the BSE 250 SmallCap Index added 0.46%.

The market breadth was strong. On the BSE, 2,150 shares rose and 1,736 shares fell. A total of 228 shares were unchanged.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.4000 compared with its close of 94.5000 during the previous trading session.

In the commodities market, Brent crude for August 2026 settlement fell $ 1.88 or 2.36% to $77.67 a barrel.

Buzzing Index:

The Nifty FMCG index jumped 0.38% to 49,741.95. The index fell 0.17% in the past trading session.

United Spirits (up 4.31%), Radico Khaitan (up 3.16%), Marico (up 2.48%), Patanjali Foods (up 1.62%) and Varun Beverages (up 1.18%) were the top gainers. Among the other gainers were United Breweries (up 0.97%), Hindustan Unilever (up 0.38%), Dabur India (up 0.33%), Nestle India (up 0.01%).

Stocks in Spotlight:

Lupin rose 1.20% after launching Azilsartan Medoxomil Tablets, 40 mg and 80 mg, in the United States following approval of its abbreviated new drug application (ANDA) by the US Food and Drug Administration (USFDA).

Meta Infotech hit an upper circuit of 5% after the company said that it had received fresh orders worth Rs 2.40 crore from one of India's leading stock exchanges and its subsidiary for software subscription services.

Global Markets:

Asian markets traded mixed on Thursday as the US Federal Reserve indicated the possibility of a rate hike this year.

Wednesday marked the first meeting of the Federal Reserve with Kevin Warsh at the helm of the U.S. central bank. At the conclusion of the meeting, the Fed kept the benchmark federal funds rate unchanged and anchored in a range of between 3.5% and 3.75%.

Policymakers' dot plot' revealed that several Fed officials now see interest rates increasing in 2026. The median estimate for the year-end interest rate now stands at 3.8%, up from 3.4% in prior projections from March, suggesting that at least one rate hike could be in the picture in 2026.

Complicating the forecast was Warsh's decision to abstain from submitting a rate forecast.

Overnight on Wall Street, stocks fell on Wednesday, while Treasury yields surged, as investors grew uncertain over the path of monetary policy after several Federal Reserve officials indicated there could be a rate hike this year to tamp down on inflation.

The Dow Jones Industrial Average fell 507.12 points, or 0.98%, after earlier hitting a fresh all-time intraday record ' the index's third consecutive high. The 30-stock index closed at 51,492.55. The S&P 500 lost 1.21% and ended at 7,420.10. The Nasdaq Composite shed 1.34% and settled at 26,021.66.

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