The market ended on a positive note for the third consecutive session on June 14 but with minor gains as investors remained sideways ahead of the Fed rate decision.
At close, the Sensex was up 85.35 points or 0.14 percent at 63,228.51, and the Nifty was up 39.70 points or 0.21 percent at 18,755.90.
After US inflation eased to its lowest level in more than two years, investors are now waiting for the outcome of the Federal Reserve policy meeting and its forward policy guidance due later today.
India’s Wholesale Price Index (WPI) inflation fell to -3.48 percent for May from -0.92 percent in April. The latest WPI inflation print is the lowest in seven-and-a-half years. The last time wholesale inflation was lower in November 2015 when it had come in at -3.68 percent.
Stocks and sectors
Top gainers on the Nifty included Tata Consumer Products, Tata Steel, Grasim Industries, JSW Steel and Power Grid Corporation, while losers were IndusInd Bank, Bajaj Finance, Axis Bank, Hero MotoCorp and Bharti Airtel.
Except for bank and information technology, all other sectoral indices ended in the green, with metal, FMCG, oil & gas and power indices up 0.5-1 percent.
The BSE midcap index added 0.2 percent and smallcap index gained 0.4 percent.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 63,228.51 | 85.35 | +0.14% |
| Nifty 50 | 18,755.90 | 39.75 | +0.21% |
| Nifty Bank | 43,988.00 | -91.85 | -0.21% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TATA Cons. Prod | 862.50 | 42.60 | +5.20% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 7,096.85 | -69.90 | -0.98% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 6214.75 | 87.10 | +1.42% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 43988.00 | -91.80 | -0.21% |
A long buildup was seen in Rain Industries, Tata Consumer Products and Oberoi Realty, while a short build-up was seen in Bandhan Bank, Canara Bank and Ipca Laboratories.
Among individual stocks, a volume spike of more than 300 percent was seen in HDFC AMC, GNFC and Rain Industries.
One 97 Communications (Paytm), Zydus Lifesciences, Macrotech Developers, 3M India, Bharat Petroleum Corporation, Capacite Infraprojects, IDFC First Bank, Tata Consumer Products, Indian Oil Corporation, Kei Industries, were among the stocks to touch their 52-week high on the BSE.
Outlook for June 15
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Markets exercised caution ahead of the outcome of the US FOMC meeting on Thursday, but selective buying in metals and oil & gas stocks helped key indices log gains for the third straight session.
Technically, the Nifty took support near 18700 and bounced back sharply but failed to surpass the important level of 18775. The short-term formation of the market is still in the bullish side but below 18700, we could see a quick intraday correction.
For traders, 18775 would be the immediate breakout level to watch out and above the same, the index could rally till 17900-17950. On the other side, below 18700, the selling pressure is likely to accelerate and below the same the index could retest the level of 18600-18575.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:
The Nifty opened gap up today and witnessed rangebound price action throughout the day. On the daily charts, we can observe that the Nifty has managed to close in the positive for the third consecutive day. It is slowly inching higher towards the previous swing high 18778 which once taken out shall lead to further upside.
The hourly and daily momentum indicators are providing divergent signals which is likely to align once we get a decisive move on either side. Interestingly the Bank Nifty has closed in the negative today. Overall, the uptrend is intact, and we expect it to reach levels of 18800 in the short term. In terms of levels, 18630 – 186200 shall act as a crucial support zone while 18778 – 18800 shall act as an immediate hurdle zone.
As far as Bank Nifty is concerned, the index has closed in the negative today. It has been trading in a narrow range around the 20-day moving average (44000). We expect the Bank Nifty to hold on to this support and resume its upmove. Short term target is placed at 44500.
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