Breaking a two-day losing streak, Indian equity market ended with marginal gains on June 12, led by broad-based buying across sectors except capital goods. The markets showed a positive bias, supported by firm global markets, with investors remaining cautiously optimistic ahead of the forthcoming US Federal Open Market Committee (FOMC) meeting. However, concerns remain regarding potential rate hikes and their impact on global growth, which could trigger a short-term correction if rates increase.
NIFTY: The index opened 32 points higher at 18,595 and made a high of 18,633 before closing at 18,601. Nifty has formed a Doji candle on the daily chart, which indicates indecisiveness between the bulls & bears. Its immediate resistance level is now placed at 18,700 while support is at 18,500.
BANK NIFTY: The index opened 46 points higher at 44,035 and closed at 43,944. Bank Nifty has formed a small bodied bearish candle on the daily chart. Its immediate resistance level is now placed at 44,200 while support is at 43,700.
Stocks in Spotlight
▪ Easy Trip Planners: Stock jumps over 2% after the company partners with World Padel League (WPL) 2023, to provide comprehensive travel solutions to players, officials and fans attending this highly anticipated event
▪ Maharashtra Seamless: Stock ends 1.6% higher after the company makes voluntary prepayment of outstanding long-term loans of ~Rs 234 crore.
▪ Info Edge Ltd.: Stock gained 3%, following the company's announcement of its entire stake sale in Happily Unmarried Marketing (HUM) to VLCC Health Care
▪ India's industrial output up 4.2% in April, CPI inflation drops to 4.25% in May - lowest in 25 months.
▪ Asian Development Bank, Govt of India sign $130 million loan agreement to promote horticulture in Himachal Pradesh.
▪ Gold prices rise on Monday on a weaker dollar as investors position for key US economic data release and clues from the FOMC meet this week
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