Closing Bell: Nifty 50 Gains 0.40%, Sensex Rises 347 Points as Crude Oil Slips Below USD 80; IDBI Bank Jumps 17%

Market Update at 04:06 PM: Indian benchmark indices extended their winning streak on Wednesday, June 17, with the Nifty 50 and Sensex closing more than 0.40 per cent higher. The Nifty 50 advanced for the fourth consecutive session and has gained nearly 5 per cent over the last four trading sessions, supported by falling crude oil prices following a recent U.S.-Iran peace agreement.

The Nifty 50 opened with a gap-up of over 5 points but pared some gains in early trade, touching an Intraday low of 23,969.70. The index later regained momentum, briefly crossed the 24,000 mark and settled above that level. At the close, the Nifty 50 ended at 24,085.70, up 96.55 points or 0.40 per cent.

The Sensex also finished higher, gaining 347.14 points or 0.45 per cent to close at 77,155.62. The Bank Nifty extended its rally for a fifth straight session, ending 0.50 per cent higher. Meanwhile, India VIX, the market's fear gauge, declined nearly 1.30 per cent to hit a fresh three-month low.

Global crude oil prices remained under pressure as Brent crude slipped below USD 80 per barrel after reports indicated that the agreement between Washington and Tehran includes waivers on sanctions related to Iranian oil sales.

According to reports, the U.S. will allow Iran to resume oil and fuel exports once the agreement is formally signed on Friday. The memorandum of understanding also reportedly includes the removal of U.S. and Iranian blockades in the Strait of Hormuz, easing concerns over global oil supply disruptions.

The Indian rupee strengthened to a six-week high on Wednesday, supported by lower crude oil prices and recent measures by the Reserve Bank of India aimed at supporting the domestic currency.

The rupee was quoted at 94.29 against the U.S. dollar at 9:25 a.m. IST after appreciating around 1.20 per cent over the previous six trading sessions.

Sectorally, seven of the eleven major indices ended in positive territory. The broader market also outperformed, with the Nifty Midcap 100 index rising 0.52 per cent and the Nifty Smallcap 100 index gaining 0.79 per cent.

The Nifty PSU Bank index emerged as the top-performing sector, advancing 1.75 per cent and recording its highest intraday trading volume in the last one year.

The Nifty IT index gained about 0.85 per cent ahead of the U.S. Federal Reserve's policy decision. Investors are closely watching the central bank's interest rate outlook, with expectations that rates will remain unchanged.

On the downside, the Nifty Auto index was the worst-performing sector, declining 0.62 per cent and extending losses for a second straight session.

Among individual stocks, Dixon Technologies surged 4.89 per cent on expectations that the government may approve the company's long-pending joint venture with Vivo later this month.

IDBI Bank shares jumped 17.12 per cent after the Reserve Bank of India cleared bidders involved in the bank's strategic disinvestment process, raising expectations of a stake sale and improved valuations.

The biggest contributors to the Nifty 50's gains were Bharti Airtel, which added 15.04 points, followed by Trent with 14.80 points and Infosys with 10.77 points.

On the other hand, Tata Motors Passenger Vehicles (TMPV) was the largest drag on the index, reducing it by 14.82 points. Axis Bank and Kotak Mahindra Bank also weighed on the benchmark, dragging it down by 9.26 points and 5.37 points, respectively.

Market breadth remained firmly positive on June 17. Of the 3,430 stocks traded on the NSE, 1,923 advanced, 1,396 declined and 111 stocks remained unchanged.

A total of 96 stocks touched their 52-week highs, while 31 stocks hit their 52-week lows. Additionally, 146 stocks were locked in Upper Circuits, compared with 65 stocks that hit their Lower Circuits.

Market Update at 2:12 PM: The Nifty50 and the Sensex traded higher on Wednesday, taking cues from mixed global markets ahead of the US Federal Reserve’s policy announcement.

As of 2:00 PM, the Nifty50 was up 59.30 points, or 0.25 per cent, at 24,045.30, while the Sensex gained 245.62 points, or 0.32 per cent, to trade at 77,054.10.

Market participants across the globe remained cautious as they awaited the outcome of the US Federal Open Market Committee (FOMC) meeting, with the policy decision scheduled for later in the day. The Fed is widely expected to keep the federal funds rate unchanged at 3.5–3.75 per cent.

Investors will closely track the central bank’s commentary on inflation and economic growth for clues on the outlook of the world’s largest economy, particularly in the wake of recent geopolitical developments.

Among Nifty50 constituents, Trent, Eternal, and Tech Mahindra emerged as the Top Gainers during the session.

In the broader market, the Nifty MidCap index advanced 0.20 per cent, while the Nifty SmallCap index outperformed with a gain of 0.77 per cent.

On the sectoral front, the Nifty PSU Bank and Nifty Consumer Durables indices led the gains. In contrast, the Nifty Realty and Nifty Auto indices were the biggest laggards.

Market Update at 12:15 PM: The Nifty50 and the Sensex traded higher on Wednesday, tracking mixed global cues ahead of the US Federal Reserve’s monetary policy decision.

As of 12:00 PM, the Nifty50 advanced 65.60 points, or 0.27 per cent, to 24,054.75, while the Sensex gained 259.58 points, or 0.34 per cent, to 77,068.06.

Investors remained cautious as they awaited the outcome of the US Federal Open Market Committee (FOMC) meeting, scheduled to be announced later in the day. The Federal Reserve is widely expected to keep the federal funds rate unchanged at 3.5–3.75 per cent.

Market participants will closely track the central bank’s commentary on inflation and economic growth for clues on the outlook for the world’s largest economy, particularly in the wake of recent geopolitical developments.

Among Nifty50 constituents, Hindalco Industries, Bajaj Finance, and Reliance Industries emerged as the top laggards during the session.

In the broader market, the Nifty MidCap index rose 0.47 per cent, while the Nifty SmallCap index gained 0.68 per cent.

On the sectoral front, the Nifty Metal and Nifty Realty indices were the weakest performers, whereas the Nifty IT and Nifty Consumer Durables indices led the gains.

Market Update at 09:32 AM: Indian equity benchmarks traded largely flat in early deals on Wednesday as investors remained cautious ahead of the U.S. Federal Reserve's monetary policy announcement later in the day.

At around 9:20 AM, the Nifty 50 was marginally lower by 0.95 points at 23,988.20, while the Sensex slipped 22.77 points, or 0.03 per cent, to 76,785.71.

Market sentiment remained subdued as global investors awaited the outcome of the U.S. Federal Open Market Committee (FOMC) meeting. The Federal Reserve is widely expected to keep its benchmark federal funds rate unchanged in the range of 3.5 per cent to 3.75 per cent.

Apart from the rate decision, market participants will closely track the central bank's commentary on inflation and economic growth for clues about the outlook for the world's largest economy. Investors are also assessing the broader impact of recent geopolitical tensions on global growth and financial markets.

Among Nifty 50 constituents, Hindalco Industries, Bajaj Finance and Reliance Industries emerged as the top laggards in early trade, weighing on the benchmark index.

Broader markets, however, showed resilience. The Nifty MidCap index advanced 0.26 per cent, while the Nifty SmallCap index gained 0.36 per cent, indicating continued buying interest beyond Large-Cap stocks.

On the sectoral front, the Nifty Metal and Nifty Realty indices were the worst-performing sectors during the session. In contrast, the Nifty IT and Nifty Consumer Durables indices outperformed the broader market and traded in positive territory.

Pre-Market Update at 7:32 AM: The Indian stock market is expected to open on a muted note on Wednesday, June 17, amid mixed global cues. Investor sentiment remains cautious as markets continue to assess developments related to the proposed U.S.-Iran peace agreement.

As of 7:22 AM, Gift Nifty was trading near the 24,000 mark, at a discount of around 25 points to the previous close of Nifty futures, indicating a subdued start for benchmark indices Sensex and Nifty 50. Asian markets traded lower in early deals, while Wall Street ended mixed overnight amid weakness in technology stocks.

The proposed U.S.-Iran peace agreement remains a key focus for global investors. According to a Bloomberg report, Iran is expected to receive substantial economic benefits under the draft agreement, including the immediate resumption of oil exports, access to a USD 300 billion development fund, and the eventual release of frozen overseas assets.

In Japan, exports rose 17 per cent year-on-year in May, exceeding expectations of 16.2 per cent growth and improving from 14.8 per cent in April. Imports increased 12.5 per cent, slightly below forecasts of 12.8 per cent. As a result, Japan's trade deficit narrowed to 378.7 billion yen from the expected 564.6 billion yen deficit.

Gold prices extended gains for a fifth straight session ahead of the U.S. Federal Reserve's policy decision. Spot gold advanced 0.4 per cent to USD 4,348.93 per ounce, while August gold futures gained 0.3 per cent to USD 4,368.40 per ounce. Spot silver also rose 0.4 per cent to USD 70.47 per ounce.

Crude oil prices edged higher as investors evaluated the durability of the Iran peace agreement and the possibility of reopening the Strait of Hormuz. Brent crude futures rose 0.49 per cent to USD 79.35 per barrel, while U.S. West Texas Intermediate crude gained 0.51 per cent to USD 76.44 per barrel.

The U.S. dollar weakened ahead of the Federal Reserve's first monetary policy announcement under Chair Kevin Warsh. The dollar index slipped to 99.53 against a basket of major currencies.

From a derivatives perspective, the Put-Call Ratio (PCR) for the June expiry stands at 1.13. On the put side, significant open interest addition and the highest concentration of open interest were seen at the 24,000 strike price. On the call side as well, the highest open interest concentration and fresh additions were recorded at the 24,000 strike, making it a crucial level for traders.

Technically, Nifty 50 faces a major resistance zone between 24,000 and 24,127, where several indicators converge, including the 61.8 per cent Fibonacci retracement level, the May 26 swing high, the 20-week moving average and an unfilled gap from May. A decisive close above this zone could trigger further upside towards 24,462 and 24,600. On the downside, immediate support is placed at 23,818, while the gap area formed earlier this week remains a key support zone.

Among stocks in focus, DOMS Industries will remain in the spotlight after Italian stationery major FILA announced plans to sell up to a 7 per cent stake through block deals at a floor price of Rs 2,100 per share, with the transaction estimated at Rs 892 crore. Wipro launched an Applied AI Centre of Excellence for Claude models powered by Anthropic under its AI-Native Business & Platforms Unit. Krishna Institute of Medical Sciences (KIMS) launched its Qualified Institutions Placement (QIP) issue on June 16 with a floor price of Rs 771.73 per share.

Bharat Forge is also likely to attract attention after its subsidiary Kalyani Strategic Systems and Paramount unveiled the Simha 4x4 next-generation light armoured multi-purpose vehicle at Eurosatory 2026. Meanwhile, Prime Focus received regulatory relief after SEBI disposed of adjudication proceedings against the company and its key executives, stating that the alleged accounting violations were not established.

In the derivatives segment, Kaynes Technologies remains under the F&O ban list for June 17.

Institutional activity remained mixed on June 16. Foreign Institutional Investors (FIIs) were net sellers of equities worth Rs 749.18 crore, while Domestic Institutional Investors (DIIs) were marginal net buyers with purchases worth Rs 0.06 crore.

Indian equities extended their winning streak for a third consecutive session on Tuesday, supported by optimism surrounding the U.S.-Iran peace deal and softer crude oil prices. The Sensex gained 544.15 points, or 0.71 per cent, to close at 76,808.48, while the Nifty 50 advanced 135.25 points, or 0.57 per cent, to settle at 23,989.15.

On Wall Street, markets ended mixed as technology stocks came under pressure. The Dow Jones Industrial Average rose 328.64 points, or 0.64 per cent, to 51,999.67. The S&P 500 declined 42.94 points, or 0.57 per cent, to 7,511.35, while the Nasdaq Composite dropped 307.60 points, or 1.15 per cent, to 26,376.34.

Among major U.S. technology stocks, Nvidia fell 2.37 per cent, AMD dropped 7.30 per cent, Intel declined 8.45 per cent, Micron Technology lost 6.18 per cent, Broadcom slipped 4.37 per cent, Microsoft fell 1.48 per cent and Tesla shed 1.58 per cent. In contrast, Alphabet gained 1.09 per cent, Apple rose 0.95 per cent and SpaceX advanced 4.83 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.

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