On June 16, the Nifty recouped its previous session's losses and reached a new all-time high, buoyed by positive trends in global markets and broad-based buying across sectors. The market ended at record-breaking levels, with the Nifty ending 137.90 points higher. The positive factors driving domestic sentiment included declining inflation, robust economic indicators, and continued investments by foreign institutional investors (FIIs).
NIFTY: The index opened 35 points higher at 18,723 and made a high of 18,864 before closing at 18,826. Nifty has formed a Bullish candle on the daily & weekly time frame. Its immediate resistance level is now placed at 18,890 while support is at 18,700.
BANK NIFTY: The index opened 140 points higher at 43,583 and closed at 43,938. Bank Nifty has formed a Bullish candle, as buying was seen in heavyweights. Its immediate resistance level is now placed at 44,150 while support is at 43,700.
Stocks in Spotlight
▪ Paras Defence & Space Technologies: Stock gained 4%, after the company bagged an order worth Rs 53 crore from the Ministry of Defence.
▪ HDFC Life Insurance Company Ltd: Stock jumped 5%, after the company reported a 1.8x to 2x growth in business in May.
▪ IKIO Lighting: The company made a stellar debut on the bourses and settled at Rs 403.75 on the BSE, representing a premium of 42% over the issue price of Rs 285.
▪ China's Central Bank cut rate on 1-year MLF loans to 2.65% from 2.75% for the first time in 10 months.
▪ The Bank of Japan held its short-term interest rate target at -0.1% and made no changes to its yield curve control policy after a two-day meeting, in line with economists’ expectations.
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