Nifty hits fresh record high, Sensex soars 500 pts on gains in IT stocks; Fed outcome in focus

Among Sensex , , , , TCS, and opened with gains, while Titan, , , L&T, and opened with losses.

Except for Nifty FMCG, all sectoral indices were trading higher. Nifty Oil & Gas surged 1.26%, driven by gains in , , and .

The Nifty IT index rose 1.1% ahead of key US inflation readings later in the day.

Among individual stocks, surged 10% in early trade after the firm reported a net profit of Rs 53 crore for the quarter ended March 2024, which was up by 104% year-on-year.

shares rose over 7% after the company signed a new five-year strategic contract with Daimler Truck South East Asia Pte for Integrated Supply Chain Solutions (ISCS) service in Singapore.

Experts View
"The 32% decline in India VIX during the last 5 days indicates that the days of heightened volatility are over and the market has entered a consolidation phase. From now on the focus will be on fundamentals and news flows," said V K Vijayakumar, Chief Investment Strategist, .

"Tonight’s US inflation numbers and the Fed policy outcome will influence the direction of the global equity market," Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 23,200 followed by 23,100 and 23,000. On the higher side, 23,400 can be an immediate resistance, followed by 23,500 and 23,600."

Global Markets
MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.1%, while Japan's Nikkei slid 0.8%. Technology shares in the region, however, outperformed, with MSCI Asia-Pacific ex-Japan IT index up 1%.

China's blue chips were last down 0.1%, while Hong Kong's Hang Seng index extended earlier losses to fall 1.2%, also weighed by a 27% plunge in China Evergrande New Energy Vehicle Group, after the unit of developer China Evergrande warned of losing assets.

Overnight on Wall Street, Apple surged 7% to a record high a day after it unveiled new AI features meant to rekindle demand for iPhones. That helped Nasdaq Composite rise 0.9% and the S&P 500 gain 0.3% to record closing highs.

FII/DII Tracker
After two days of buying the Foreign institutional investors (FIIs) remained sellers on June 11 as they sold Indian equities worth Rs 111 crore , while domestic institutional investors extended their buying as they purchased equities worth Rs 3193 crore on the same day.

Oil Climbs
Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week.

Brent crude futures rose 37 cents, or 0.45%, to $82.29 a barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.6%, to $78.36.

Currency Watch
The Indian rupee rose 5 paise to 83.54 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.04% to 105.26 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)