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Stock markets: Sensex crosses 63,200, Nifty advances 39.75 points; TATA group companies shine

Indian shares began the day muted on Wednesday, but the losses were recouped in the second half and the day ended with slight gains.

Nitin Kumar Edited By: Nitin Kumar New Delhi Updated on: June 14, 2023 16:07 IST
Stock markets
Image Source : FILE Stock markets: Sensex crosses 63,200, Nifty advances 39.75 points, TATA group companies shine

The benchmark S&P BSE Sensex gained 85 points to close the day at 63,228 while the blue-chip Nifty 50 index gained 40 points to finish at 18,755. 

In today's session, eight of the 15 broad-based Nifty sectoral indices finished in the green.

Indian shares began the day muted on Wednesday, but the losses were recouped in the second half and the day ended with slight gains. 

In anticipation of an anticipated pause in the U.S. Federal Reserve's interest rate policy, traders held off placing bets and the benchmarks battled technical resistance levels.

The biggest gainers included Tata Consumers, Grasim Tata Steel, JSW Steel, and Powergrid; the losers included IndusInd Bank, Bajaj Finance, and Bharti Airtel, which each lost around 1%.

With a gain of more than 1%, the metal industry experienced the greatest expansion. 

Other important industries that finished the year green included FMCG and energy. 

In today's trading, IT, the banking industry, and finance all lost slightly.

After a cooler reading on U.S. inflation raised hopes that the Federal Reserve will postpone a possible interest rate hike, Asian stock markets were mixed on Wednesday. 

Hong Kong and Seoul declined, while Shanghai, Tokyo, and Sydney increased.

On Wednesday, the Nikkei share average in Japan closed at its highest level in more than 33 years, following a positive session on Wall Street. 

Toyota Motor surged as investors bought index heavyweights in the face of a weaker yen.

During a four-day winning streak, the Nikkei index gained 1.47 percent, reaching its highest close since March 1990. The larger Topix gained 1.31 percent.

The majority of Hong Kong and Mainland China stocks fell, with Hong Kong stocks giving up early gains on expectations that the Federal Reserve will not raise interest rates this month. 

Traders also hope that China will announce measures to boost its ailing economy.

The Hang Seng Index lost 0.58 percent. The Shanghai Composite File facilitated 0.14% while the Shenzhen Composite Record on China's subsequent trade edged up 0.25%.

Before a broadly priced-in pause in the U.S. Federal Reserve's interest rate hikes, European shares opened flat on Wednesday, while Entain shares sharply fell after the deal was announced.

Prior to a crucial policy decision by the U.S. Federal Reserve, investors evaluated the growing likelihood of persistent rate hikes by the Bank of England, which is why the main stock indexes in the UK were subdued at open on Wednesday.

Also Read | Stock markets: Sensex, Nifty register slump in early trade; Rupee rises 7 paise against dollar

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