Most major European and Asian markets rose today, fueled by optimism that the US inflation data will show signs of easing and that Federal Reserve Chair Jerome Powell will provide insight into when rate cuts may begin in the US.

Investors awaited key US inflation data—the May Consumer Price Index (CPI) print—and the US Federal Reserve’s policy decisions, which are expected to influence the near-term outlook for interest rates.

Also Read: US Fed policy today: From job market trends to macro indicators- 5 crucial factors that will dominate Fed’s mind

On the domestic front, the Union Budget will be the next major trigger, and according to experts, the stock market may remain in a range until then.

Sensex opened at 76,679.11 against its previous close of 76,456.59 and rose as much as 594 points to its intraday high of 77,050.53, missing its all-time high level of 77,079.04 by just 29 points which it hit on Monday, June 10. The index closed 150 points, or 0.20 per cent, at 76,606.57, with 19 stocks in the green.

Shares of Power Grid, Tech Mahindra and Bajaj Finance ended as the top gainers in the index. On the flip side, shares of Mahindra and Mahindra, Hindustan Unilever and Infosys ended as the top losers in the index.

Nifty 50 opened at 23,344.45 against its previous close of 23,264.85 and hit its fresh all-time high of 23,441.95 during the session. The index closed 58 points, or 0.25 per cent, higher at 23,322.95, with 32 stocks in the green and 18 in the red.

Mid and smallcaps continued their outperformance as the BSE Midcap index rose 1.07 per cent and the Smallcap index clocked a gain of 1.06 per cent.

The overall market capitalisation of companies listed on the BSE increased to nearly ₹429.3 lakh crore from approximately ₹427 lakh crore in the previous session, making investors over ₹2 lakh crore richer in a single day.

As many as 250 stocks, including Bharti Airtel, Hero MotoCorp, Bajaj Auto, Ashok Leyland, Bharat Forge, Tata Steel, Federal Bank and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: Market Close Highlights: Indices off day’s highs: Sensex gains 150 pts, Nifty ends at 23,322; mid, smallcaps shine

Top Nifty 50 gainers today

Shares of Coal India (up 2.78 per cent), Power Grid (up 2.43 per cent) and Eicher Motors (up 1.81 per cent) closed as the top gainers in the Nifty 50 index.

Also Read: Coal India gains 113% in 10 months, up 235% in 3 years; what lies ahead for this PSU stock?

Top Nifty 50 losers today

Shares of Mahindra and Mahindra (down 1.37 per cent), Britannia (down 1.26 per cent) and Hindustan Unilever (down 0.97 per cent) ended as the top losers in the index.

Also Read: Top Gainers and Losers today on 12 June, 2024: Coal India, Power Grid Corporation Of India, Mahindra & Mahindra, Britannia Industries among most active stocks; Check full list here

Sectoral indices today

Barring Nifty FMCG (down 0.51 per cent), Auto (down 0.05 per cent) and Realty (down 0.04 per cent), all sectoral indices ended with gains.

Nifty Media (up 1.89 per cent), PSU Bank (up 1.16 per cent), Healthcare (up 0.84 per cent) and Oil & Gas (up 0.83 per cent) clocked significant gains.

Nifty Bank rose 0.38 per cent, while the Private Bank index ended 0.39 per cent higher.

Expert view on markets

Vinod Nair, the head of research at Geojit Financial Services, pointed out that global markets largely remained positive ahead of the US inflation data and FOMC meeting.

“The consensus indicates expectations of stable US inflation, but the trajectory of potential rate cuts holds significant importance for future direction, as rate cut expectations have tempered to two from three earlier. The domestic market is trading at a new high in expectations for the final budget with a focus on growth, amplified by the RBI’s upgrade in GDP growth forecast,” said Nair.

Technical views on Nifty 50

According to Shrikant Chouhan, the head of equity research at Kotak Securities, Nifty 50 failed to sustain above 23,400 due to profit booking. A small bearish candle on daily charts indicates profit booking is likely to continue in the near future.

“The short-term market texture is positive, but a fresh uptrend rally is possible only after dismissal of 23,400/77,000. After the 23,400/77,000 breakout, the market could rally to 23,500-23,525/77,300-77,400,” said Chouhan.

“23,200/76,300 would be the key support level for the day traders, below which traders may prefer to exit from the long trading positions. Below 23,200/76,300, the market could slip to 23,050-23,000/76,000-75,800,” said Chouhan.

Ajit Mishra, SVP of research at Religare Broking, anticipates Nifty 50 to hold within the 23,000-23,100 zone in case of a dip, while the 23,600-23,800 zone may act as an immediate resistance.

“After three days of consolidation, markets are expected to react to the outcome of the US Fed meeting in early trades on Thursday, which could set the tone for the day. We reiterate our recommendation to seek buying opportunities on dips, focusing on sectors and themes that draw consistent interest,” said Mishra.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!

Published: 12 Jun 2024, 03:33 PM IST