The 30-share BSE benchmark Sensex rose 85 points or 0.14% to settle at 63,228. The broader NSE Nifty surged 40 points or 0.21% to end at 18,755.
In the Sensex pack, Tata Steel, Tata Motors, Power Grid, Reliance, UltraTech Cement, and NTPC closed higher, whereas, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel and Bajaj Finserv closed lower.
From the sectoral pack, Nifty Metal rose 1.42% and Nifty FMCG gained 0.50%. Whereas, Nifty Financial Services and IT closed lower. In the broader market, Nifty Midcap100 gained 0.28%, while Smallcap100 fell 0.42%.
The market breadth was skewed in the favour of the bulls. About 1,946 stocks gained, 1,638 declined, and 125 remained unchanged on the BSE.
Global Markets –
Asian shares edged higher as traders were all but certain that the US Federal Reserve will refrain from hiking interest rates later in the session.
Tokyo’s Nikkei, however, continued to outperform, jumping 1.6% to a fresh 33-year high, as investors cheered the return of inflation amid the accommodative policy stance from the Bank of Japan. Chinese blue chips rose 0.2%, while Hong Kong’s Hang Seng fell 0.4%.
Both S&P 500 futures and Nasdaq futures were flat after US stocks rallied to 14-month highs overnight.
Oil Prices Rise – Oil prices rose on Wednesday as investors awaited the outcome of the US Federal Reserve’s June meeting after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC.Brent crude futures were up 76 cents, or 1%, at $75.05 a barrel. US West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $70.05.
Rupee Strengthens – The Indian rupee strengthened 0.34% versus the US dollar, and quoted at 82.10 per dollar, on likely corporate dollar inflows and as the latest inflation data from the US boosted expectations of a rate pause by the Federal Reserve in June.
Nifty futures opened at 18750.05 points against the previous close of 18776.85 and opened at a low of 18750.00 points. Nifty Future closed with an average movement of 82.00 points and a rise of around 41.40 points and 18818.25 points…!!
On the NSE, the midcap 100 index will rise 0.21% and small cap100 index is closing rise 0.12%.
At the start of intra-day trading August gold opened at Rs.59301 fell from a high of Rs.59395 points to a low of Rs.59198 with a decline of 20 points, a trend of around Rs.59198 and JULY Silver opened at Rs.72330, fell from a high of Rs.72554 points to a low of Rs.72220 with a rise of 211 points, a trend of around Rs.72305.
Meanwhile, 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.
Technically, the important key resistances are placed in Nifty future are at 18818 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 18838 – 18909 levels. Immediate support is placed at 18707 – 18676 levels.