Sensex jumps 347 points as bull run extends to 4th day; Nifty above 24,000: 10 key highlights from stock market today

The optimism around a peace deal between the US and Iran, along with weakening crude oil prices, continued to bolster stock market bulls. The Indian benchmark indices, Sensex and Nifty 50, closed higher for the fourth session in a row on Wednesday, 17 June, although the quantum of gains declined as the deadline to open the Strait of Hormuz neared and ahead of the Fed policy outcome.

Investors keenly await the US Federal Reserve's monetary policy outcome later tonight. Expectations are rife that the US central bank could keep interest rates steady amid the inflationary impact of higher energy costs, but commentary is key as it marks newly-appointed chief Kevin Warsh's first meeting.

The 30-pack Sensex closed the day at 77,156, up 347 points or 0.45% and the Nifty 50 closed 97 points or 0.40% higher at 24,086.

Indian stock market: 10 key highlights

Here are 10 key highlights from the Indian stock market today:

1. What moved the market today?

Vinod Nair, Head of Research, Geojit Investments, said Indian equities extended their gains, supported by softer bond yields and a firmer rupee despite mixed global cues ahead of the Fed’s policy decision. Continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant, he said.

Gains were led by IT and metals on expectations of a stable US rate cycle and improving global demand, while PSU banks gained on mark-to-market gains and capital relief from ECLGS risk-weight easing, Nair noted. "Although concerns over delayed monsoons and low reservoir levels triggered some intra-day profit booking, late-session short covering helped indices close with modest gains."

2. Market cap rises by ₹2.9 lakh crore

The market capitalisation (m-cap) jumped by ₹2.92 lakh crore to ₹475.17 lakh crore from ₹472.24 lakh crore.

3. Top Nifty 50 gainers

In the Nifty 50 pack of stocks, 32 constituents ended in the green, with Trent emerging as the best performer following a 7.25%. BEL, Hindalco, SBI Life and Eternal were other top gainers today, up to 3.5%.

4. Top Nifty 50 losers

Among the 18 Nifty stocks that ended in the red, Tata Motors Passenger Vehicles (TMPV) was the top loser with an 8% decline following JLR's FY27 outlook. Cipla, Bajaj Finserv, ONGC and Axis Bank were other top losers, shedding over 1% each.

5. Broader markets outperform

The broader market indices outperformed as the Nifty Midcap 100 index jumped 0.52% and the Nifty Smallcap 100 index 0.79%.

6. Sectoral watch: Consumer durables surges; realty lags

Nifty Consumer Durables was the top gainer today, with a 2.11% rally. Metals and PSU Bank indices added 1.01% and 1.75%, respectively, while IT and banks also eked out gains. Realty and Auto were the top laggards today.

7. Most active stocks

Vodafone Idea was the most active stock on NSE with 50.30 crore shares of the telco changing hands. YES Bank, with 39.43 crore shares in volume traded followed by IFCI Limited with 23.90 crore stocks traded. IDBI Bank and Lloyds Engineering Works were the other most traded stocks in volume terms today.

8. Stocks at 52-week highs and lows

Ninety-six stocks rose to their 52-week highs today, and 31 stocks fell to 52-week lows. Among those that touched one-year peaks, Aeroflex Industries, Belrise, Data Patterns, IFCI, YES Bank, Netweb Technologies and Polycab were some of the key names. Some of the stocks at 52-week lows included Bayer Crop Science, Vedanta Power and Parsvnath Developers.

9. Advance-decline ratio

A total of 1923 stocks gained and 1396 stocks declined, signalling that the advance-decline ratio leaned in favour of buyers.

10. Nifty tech view

Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty remained volatile throughout the day as it faced resistance around the 24,100 level. The broader trend remains positive, with the index sustaining above its 50 EMA. However, the proximity to the previous swing high could keep the index volatile, with intermittent profit booking likely in the near term.

On the downside, 24,000 is expected to act as immediate support. A breach below this level could trigger a correction towards 23,800. Conversely, a decisive move above 24,100 may pave the way for a rally towards 24,300 and higher. Additionally, the weekly BSE options expiry is likely to add to market volatility.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.