The optimism around a peace deal between the US and Iran, along with weakening crude oil prices, continued to bolster stock market bulls. The Indian benchmark indices, Sensex and Nifty 50, closed higher for the fourth session in a row on Wednesday, 17 June, although the quantum of gains declined as the deadline to open the Strait of Hormuz neared and ahead of the Fed policy outcome.
Investors keenly await the US Federal Reserve’s monetary policy outcome later tonight. Expectations are rife that the US central bank could keep interest rates steady amid the inflationary impact of higher energy costs, but commentary is key as it marks newly-appointed chief Kevin Warsh’s first meeting.
The 30-pack Sensex closed the day at 77,156, up 347 points or 0.45% and the Nifty 50 closed 97 points or 0.40% higher at 24,086.
Indian stock market: 10 key highlights
Here are 10 key highlights from the Indian stock market today:
1. What moved the market today?
Vinod Nair, Head of Research, Geojit Investments, said Indian equities extended their gains, supported by softer bond yields and a firmer rupee despite mixed global cues ahead of the Fed’s policy decision. Continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant, he said.
Gains were led by IT and metals on expectations of a stable US rate cycle and improving global demand, while PSU banks gained on mark-to-market gains and capital relief from ECLGS risk-weight easing, Nair noted. “Although concerns over delayed monsoons and low reservoir levels triggered some intra-day profit booking, late-session short covering helped indices close with modest gains.”
2. Market cap rises by ₹2.9 lakh crore
The market capitalisation (m-cap) jumped by ₹2.92 lakh crore to ₹475.17 lakh crore from ₹472.24 lakh crore.
3. Top Nifty 50 gainers
In the Nifty 50 pack of stocks, 32 constituents ended in the green, with Trent emerging as the best performer following a 7.25%. BEL, Hindalco, SBI Life and Eternal were other top gainers today, up to 3.5%.
4. Top Nifty 50 losers
Among the 18 Nifty stocks that ended in the red, Tata Motors Passenger Vehicles (TMPV) was the top loser with an 8% decline following JLR’s FY27 outlook. Cipla, Bajaj Finserv, ONGC and Axis Bank were other top losers, shedding over 1% each.
5. Broader markets outperform
The broader market indices outperformed as the Nifty Midcap 100 index jumped 0.52% and the Nifty Smallcap 100 index 0.79%.
