Representational Image
Representational Image

The markets opened higher on Wednesday (June 23) with the Sensex opening above 52,800 tracking gains in index-heavyweights Infosys, HUL and Maruti, amid a positive trend in global equities. The 30-share BSE index was trading 145.45 points or 0.28 per cent higher at 52,734.16 in initial deals.The Nifty was nearing in on 15,850 in opening trade. All the Nifty sectoral indices traded in the green, led by Nifty Metal index, up 0.8 percent.

IndusInd Bank was the top gainer in the Sensex pack, rising over 1 per cent, followed by Maruti, Titan, Tata Steel, HUL and Infosys.

On the other hand, Kotak Bank, Asian Paints, UltraTech Cement and HCL Tech were among the laggards.

In the previous session, Sensex settled 14.25 points or 0.03 per cent higher at 52,588.71, and Nifty rose 26.25 points or 0.17 per cent to close at 15,772.75.

At 09:18 AM, the Sensex was up 151.16 points or 0.29 percent at 52739.87, and the Nifty was up 50.40 points or 0.32 percent at 15823.20. About 1608 shares have advanced, 429 shares declined, and 78 shares are unchanged.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,027.94 crore on Tuesday, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities continue to look good as of now. Indian markets witnessed brisk recovery this week so far led by improved prospects of economic rebound and sustained recovery in corporate earnings.

US markets extended gains as the Federal Reserve Chairman Jerome Powell’s testimony offered comfort to investors, said Modi.

"Powell reiterated his view that recent jump in inflation would prove transitory and stated that Fed will do everything to support the economy as long as it takes to complete the recovery process. He further stated that the Central Bank would be patient before scaling back its soft monetary policy.

"This certainly has given some confidence that a reversal in policy rates or a bond buying programme is not going to happen soon. Further statements of Fed staffers will be watched out in coming days, which have been mixed so far," he noted, according to PTI.

Asian markets mixed

Asian markets were mixed in Wednesday trade, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.

Wall Street rebounded on Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.

The Dow Jones Industrial Average rose 68.61 points or 0.2 percent and the S&P 500 gained 21.65 points or 0.51 percent to 4,246.44 and the Nasdaq Composite added 111.79 points or 0.79 percent to 14,253.27.

Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75.30 a barrel, the strongest since April 25, 2019. US West Texas Intermediate (WTI) crude fell 60 cents or 0.8 percent to $73.06 a barrel.

Quarterly results today

Key companies announcing their quarterly results today includes Apollo Hospital, Precision Wire India and Deepak Spinners. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively.

Fuel rates unchanged

Oil Marketing Companies (OMCs) left fuel prices unchanged on Wednesday. In Delhi, the price of petrol continues to remain at Tuesday's level of Rs 97.50 a litre and diesel Rs 88.23 per litre.

In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 103.63 per litre. Diesel price also continues to be at Rs 95.72 a litre, the highest among metros.

In Chennai, petrol is priced at Rs 98.65 per litre while the price of diesel is Rs 92.83 per litre. The price of petrol in Kolkata is Rs 97.38 per litre while diesel is sold at Rs 91.08 per litre.

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Free Press Journal