The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions.
The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent).
The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a
Bullish Engulfing kind of pattern on daily charts.
The broader markets also participated in the rally with Nifty Midcap and Smallcap indices rising over 0.6 percent each but breadth was balanced. About 911 shares advanced against 834 that fell on the NSE.
According to the Pivot charts, the key support level is placed at 11,693.53, followed by 11,590.57. If the index starts moving upward, key resistance levels to watch out are 11,856.93 and 11,917.37.
The Nifty Bank closed at 30,847.05, up 245 points on June 25. The important Pivot level, which will act as crucial support for the index, is placed at 30,561.27, followed by 30,275.44. On the upside, key resistance levels are placed at 31,023.07, followed by 31,199.03.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street sinks as hopes fade for rate cuts, trade progress
Wall Street stock indexes fell on Tuesday, led by a sharp selloff in technology shares, as simmering trade concerns and disappointing economic data sent buyers to the sidelines, while the Federal Reserve chairman pushed back on pressure from President Donald Trump to cut interest rates.
The Dow Jones Industrial Average fell 179.32 points, or 0.67 percent, to 26,548.22, the S&P 500 lost 27.97 points, or 0.95 percent, to 2,917.38 and the Nasdaq Composite dropped 120.98 points, or 1.51 percent, to 7,884.72.
Asia stocks slip after Fed tempers aggressive rate cut expectations
Asian stocks slipped on Wednesday and the dollar pulled back from three-month lows after Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.
Australian stocks dipped 0.15 percent, South Korea’s KOSPI shed 0.1 percent and Japan’s Nikkei retreated 0.6 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.17 percent. Nifty futures were trading around 11,772-level on the Singaporean Exchange.
US aims to restart China trade talks, will not accept conditions on tariff use
The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday, but Washington will not accept any conditions around the US use of tariffs in the dispute, a senior administration official said on Tuesday.
Trump has threatened to impose tariffs on another USD 325 billion of goods, covering nearly all the remaining Chinese imports into the United States – including consumer products such as cellphones, computers and clothing – if the meeting with Xi produces no progress in resolving a host of US complaints around the way China does business.
The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but he said it was unclear if that would happen.
Oil prices climb amid fall in US stockpiles, Middle East worries
Oil prices rose over 1 percent on Wednesday to hit their highest in nearly a month as widely-watched data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over potential US-Iran conflict.
Front-month Brent crude futures, the international benchmark for oil prices, were up 1.4 percent at USD 65.97 by 0006 GMT. US West Texas Intermediate (WTI) crude futures were at USD 58.97 per barrel, up 2 percent from their last settlement.
Rupee settles flat at 69.36 a US dollar
The Indian rupee pared initial gains and ended almost flat at 69.36 against the US dollar on June 25 as simmering geopolitical tensions in the Middle East dampened forex market sentiment.
At the interbank foreign exchange (forex) market, the domestic currency opened at 69.32 a dollar and touched a low of 69.40 and high of 69.22 during the day. The local unit finally closed at 69.36 against the American currency, down 1 paisa over its previous close.
Fed pushes back on aggressive US rate cut views
Federal Reserve officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant US interest rate cut of half a percentage point as soon as its next meeting.
Chairman Jerome Powell defended the central bank’s independence from President Donald Trump and financial markets, both of which seem to be pushing for aggressive rate cuts, in remarks at the Council on Foreign Relations in New York.
“The Fed is insulated from short-term political pressures,” said Powell. Asked later about the possibility of disappointing markets by not delivering a cut, Powell added, “We’re not in the business, really, of trying to work through short-term movements in financial conditions. We have to look through that.”
IndiaMART InterMESH IPO fully subscribed on second day of bidding
The initial public offer of IndiaMART InterMESH, an online marketplace for business products and services, was fully subscribed on the second day of bidding June 25. The IPO, which looks to raise about Rs 475 crore, received bids for 27,94,440 shares against the total issue size of 26,92,824 shares, translating into 1.04 times subscription, as per data available with the NSE.
The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors 4 per cent and retail individual investors 2.48 times.
Gold soars to six-year high, stocks slide after Powell speech
Gold soared to an almost six-year high on Tuesday on escalating US-Iran tensions, while equity markets slid on disappointing economic data and uncertainty on whether the Federal Reserve will cut interest rates in July as has been expected.
Gold had gained 10 percent in price so far in June, climbing above USD 1,400 an ounce for the first time since August 2013 after briefly touching the
psychological barrier on Monday.
Four stocks under F&O ban period on NSE
For June 26, Adani Power, IDBI Bank, Jet Airways and Reliance Capital are under the F&O ban period. Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.