GIFT Nifty falls after US Fed raises interest rates; will the Indian stock market slide? Keep an eye on these stocks.

The Indian stock market today is in focus after the US Federal Reserve raised its benchmark interest rate by 25 basis points, taking the federal funds rate to 3.75%-4%. It was the Fed\'s first rate hike since 2023, with persistent inflation remaining a key concern.

Ahead of the Indian market opening, GIFT Nifty indicated cautious sentiment. Around 7:30 am, GIFT Nifty was trading at 23,207.50, down 59.50 points or 0.26%, according to the market data cited in the morning setup.

However, a weaker GIFT Nifty did not translate into a sustained market sell-off. Indian equities opened cautiously but later moved higher, with the Nifty 50 and  recovering as investors looked beyond the immediate impact of the Fed decision.

Nifty technical setup remains cautious

Analysts are watching the Nifty\'s technical structure closely. Consolidation near the 61.8% retracement zone of the current swing between 22,182 and 24,774 suggests that a potential base may be developing at lower levels.

However, the index has yet to establish a clear higher-high, higher-low structure, keeping the near-term trend cautious.

The Fed\'s rate decision, global bond yields, crude oil prices, foreign institutional flows and domestic earnings will remain important triggers for Indian equities.

Stocks to watch today

Several companies are likely to remain in focus on Thursday, September 17, because of earnings announcements, corporate developments and new orders.

Skyways Air Services and Odisha Minerals Development Company

Skyways Air Services and Odisha Minerals Development Company are scheduled to announce their quarterly results today. Investors will track revenue, profit, margins and management commentary.

Tempsens Instruments India

Tempsens Instruments India reported a 14.2% rise in quarterly profit to ₹15.2 crore, compared with ₹13.3 crore in the year-ago period. Revenue increased 33.4% to ₹118.7 crore from ₹89 crore.

Infosys

Infosys announced the expansion of its Indore Development Centre. The expansion is aimed at strengthening its presence in Central India and increasing capabilities across AI, cloud, cybersecurity and next-generation digital services.

Alembic Pharmaceuticals

Alembic Pharmaceuticals said the US Food and Drug Administration has issued an Establishment Inspection Report (EIR) for its bioequivalence facility in Vadodara, Gujarat, concluding the inspection process.

Highway Infrastructure

Highway Infrastructure has received a ₹220.66 crore order from the Uttar Pradesh Expressways Industrial Development Authority.

The project involves collecting user fees for the Gorakhpur Link Expressway, operating toll plazas and deploying patrol-cum-safety vehicles and personnel.

Mazagon Dock Shipbuilders

Mazagon Dock Shipbuilders has signed an agreement with National Shipbuilding and Heavy Industries Park Maharashtra to participate as an anchor shipyard in the proposed greenfield shipbuilding industrial at Dighi, Maharashtra.

G R Infraprojects

G R Infraprojects has issued a notice to NTPC seeking termination of an EPC package related to the installation of a Battery Energy Storage System at NTPC\'s Mouda Super Thermal Power Station.

Fortis Healthcare

Fortis Healthcare has entered into agreements with Seth Sundar Lal Jain Charitable Eye Hospital to provide healthcare services at a planned super-specialty hospital with more than 400 beds in Ashok Vihar, New Delhi. The facility is expected to become operational within three to four years.

Stock Market Today: What investors should watch

The Fed\'s 25-basis-point rate hike adds another global variable for Indian equities, particularly through its potential impact on bond yields, foreign flows, the dollar and valuations.

At the same time, the latest market action shows why GIFT Nifty should not be treated as a guaranteed indicator of the day\'s closing direction. Indian stocks initially reacted cautiously, but bargain buying and strength in financial stocks helped the market recover.

Investors will therefore be watching the Nifty 50 and trend, FII/DII flows, IT stocks, banking shares, crude oil prices and the stocks in focus for fresh corporate developments.