Sensex rises for 3rd straight day, up 85pts ahead of Fed outcome; RIL leads

CLOSING BELL ON JUNE 14, 2023: Sectorally, the BSE Metal index surged 1.6 per cent. The Energy and Oil & Gas indices were also up nearly a per cent each.

SI Reporter New Delhi

Photo: Bloomberg

Stock Market Highlights: Equity markets ended higher for a third straight trading session on Wednesday led by gains in index heavyweight Reliance Industries, along with FMCG and metal stocks. The key benchmark indices gyrated in a narrow band as investors remained cautious ahead of the US Fed meet outcome later tonight.

The S&P BSE Sensex recovered from the day’s low of 63,014, to hit a high of 63,274. The index finally ended 85 points higher at 63,229. The BSE benchmark index has gained 602 points in the last three trading sessions.

The NSE Nifty 50 moved in a narrow 70 points range and settled with a gain of 40 points at 18,756.

"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 indication of a prolonged paus," Vinod Nair, Head of Research at Geojit Financial Services said in a note.

In the broader market, the BSE MidCap index advanced 0.2 per cent, while the Smallcap index added 0.4 per cent.

Sectorally, the BSE Metal index surged 1.6 per cent. The Energy and Oil & Gas indices were also up nearly a per cent each.

4:01 PM

Tech View :: '18,778 – 18,800 shall act as an immediate hurdle zone for Nifty'

On the daily charts, we can observe that the Nifty has managed to close in the positive for the third consecutive day. It is slowly inching higher towards the previous swing high 18,778 which once taken out shall lead to further upside. The hourly and daily momentum indicators are providing divergent signals which is likely to align once we get a decisive move on either side.

Overall, the uptrend is intact, and we expect it to reach levels of 18,800 in the short term. In terms of levels, 18,630 – 18,620 shall act as a crucial support zone while 18,778 – 18,800 shall act as an immediate hurdle zone.

Views by:Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:59 PM

Comment :: 'Recent recovery in Nifty index lacks decisiveness'

The recent recovery in the Nifty index lacks decisiveness due to underperformance from the banking index and we expect this divergence to end soon. Meanwhile, buying in heavyweights like Reliance has played a critical role in keeping the tone positive. Amid all, we reiterate our view to stay selective and prefer sectors/stocks that are attracting consistent buying interest.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:58 PM

Comment :: 'Higher core inflation may compel US Fed to maintain hawkish tone'

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 indication of a prolonged pause.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:55 PM

Currency check :: Rupee ends higher at 82.10/$ vs Tuesday’s close of 82.37/$

3:54 PM

Buzzing stock :: V-Mart ends 6% higher after about 3% equity changes hands

3:51 PM

Buzzing stock :: Paytm hits 52-week high, rallies 20% in 6 days

>> BofA Securities upgraded the stock to 'Buy' with a target price of Rs 885

3:50 PM

Buzzing stock :: Heranba Industries rallies over 12% as GPCB revokes plant closure order

3:47 PM

Buzzing stock :: KEI Industries ends near 52-week high on order win worth Rs 1,373 crore

3:46 PM

Buzzing stock :: CDSL ends off lows after block deal

>> Nearly 5% equity changed hands on the NSE in early hours of the session

>> BSE has reportedly offloaded stake

3:43 PM

Buzzing stock :: Vodafone Idea pares gain after rising 10% intra-day

>> According to reports, promoters are planning to infuse Rs 14,000 crore in the company.

>> The company has not issued any statement wrt the report.