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Business News/ Markets / Stock Markets/  Market wrap: Sensex, Nifty rise for third consecutive session; Fed outcome eyed

Market wrap: Sensex, Nifty rise for third consecutive session; Fed outcome eyed

Sensex closed 85 points, or 0.14 per cent, higher at 63,228.51 while the Nifty50 closed at 18,755.90, up 40 points, or 0.21 per cent.

Sensex, Nifty ended higher for the third consecutive session on June 14. (PTI)Premium
Sensex, Nifty ended higher for the third consecutive session on June 14. (PTI)

Domestic equity benchmarks the Sensex and the Nifty50 ended in the green on Wednesday (June 14), extending their winning run into the third consecutive session ahead of the US Federal Reserve's interest rate decision.

Global cues were mostly positive and the dollar declined on the prospects of a pause in rate hikes. "Global shares edged higher and the dollar held near three-week lows on Wednesday as traders were all but certain that the US Federal Reserve will refrain from hiking interest rates later in the session," reported Reuters.

Sensex opened 28 points lower at 63,115.48 against the previous close of 63,143.16 and remained in the lower territory for the most part of the session. The index saw some buying interest in the later part of the day which helped it close higher.

Sensex closed 85 points, or 0.14 per cent, higher at 63,228.51 while the Nifty50 closed at 18,755.90, up 40 points, or 0.21 per cent. BSE Midcap index hit a fresh all-time high of 28,105.88 in intraday trade before closing 0.20 per cent higher at 28,046.55. The BSE Smallcap index also hit its fresh all-time high of 32,048.81 before closing 0.42 per cent higher at 32,011.90.

Even though the market ended higher, its gains remained capped as the market appears to have discounted most positives already. Fed's signals on the interest-rate trajectory will be the next triggers for the market.

Read more: How will the US Fed rate hike impact the Indian stock market?

As many as 230 stocks, including Aurobindo Pharma, BPCL, DLF, Indian Oil Corporation, Nestle, NTPC, Tata Consumer Products, Tata Motors - DVR, Titan Company, Trent, UltraTech Cement and One 97 Communications (Paytm), hit their fresh 52-week highs in intraday trade on BSE.

Meanwhile, crude oil prices moved higher ahead of the Federal Reserve's interest rate decision. Besides, as per media reports, upbeat bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC also boosted sentiment. Brent Crude traded over a per cent higher near the $75 per barrel mark.

The rupee jumped 27 paise to close at 82.11 per dollar mark as the greenback eased on expectations of a pause by the Fed.

Top Nifty Gainers and Losers

Shares of Tata Consumer, Grasim Industries and JSW Steel ended as the top gainers in the Nifty index. On the flip side, IndusInd Bank, Bajaj Finance and Bharti Airtel ended as the top losers in the Nifty pack.

Some 27 stocks ended in the green in the Nifty pack while 22 stocks ended in the red. One stock - HDFC - ended flat in the index.

Read more: Top gainers, losers today: Tata Steel, Tata Motors, RIL, IndusInd Bank; check full list here

Sectoral Indices

Sectoral indices ended mixed today, with Nifty Metal rising 1.34 per cent, Oil and Gas ending 0.59 per cent higher and Nifty FMCG rising 0.57 per cent.

Nifty IT fell 0.54 per cent while Nifty Bank and Financial Services lost 0.21 per cent and 0.19 per cent, respectively.

Expert's Views on Markets

"The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with an indication of a prolonged pause," said Vinod Nair, Head of Research at Geojit Financial Services.

Technical Views on Markets

Shrikant Chouhan, Head of Research (Retail) at Kotak Securities observed that the Nifty took support near 18,700 and bounced back sharply but failed to surpass the important level of 18,775.

"The short-term formation of the market is still on the bullish side but below 18,700, we could see a quick intraday correction. For traders, 18,775 would be the immediate breakout level to watch out and above the same, the index could rally to 17,900-17,950. On the other side, below 18,700, the selling pressure is likely to accelerate and below the same the index could retest the level of 18,600-18,575," said Chouhan.

Rupak De, Senior Technical at LKP Securities said Nifty remained sideways as the investors remained at the sideline ahead of the Fed rate decision. However, the trend remains positive as the index closed above the critical near-term moving average.

"The momentum oscillator RSI is in a bullish crossover. Resistance on the higher end, is placed at 18,800-18,900. On the lower end, support is seen at 18,700-18,600," said De.

Read all market-related news here

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 14 Jun 2023, 03:33 PM IST
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