Pre-Market Update: Nifty 50, Sensex Likely to Open Muted; DOMS Industries, Wipro, KIMS Among Stocks to Watch on June 17

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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