The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions.
The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent).
The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a
Bullish Engulfing kind of pattern on daily charts.
The broader markets also participated in the rally with Nifty Midcap and Smallcap indices rising over 0.6 percent each but breadth was balanced. About 911 shares advanced against 834 that fell on the NSE.
According to the Pivot charts, the key support level is placed at 11,693.53, followed by 11,590.57. If the index starts moving upward, key resistance levels to watch out are 11,856.93 and 11,917.37.
The Nifty Bank closed at 30,847.05, up 245 points on June 25. The important Pivot level, which will act as crucial support for the index, is placed at 30,561.27, followed by 30,275.44. On the upside, key resistance levels are placed at 31,023.07, followed by 31,199.03.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street sinks as hopes fade for rate cuts, trade progress
Wall Street stock indexes fell on Tuesday, led by a sharp selloff in technology shares, as simmering trade concerns and disappointing economic data sent buyers to the sidelines, while the Federal Reserve chairman pushed back on pressure from President Donald Trump to cut interest rates.
The Dow Jones Industrial Average fell 179.32 points, or 0.67 percent, to 26,548.22, the S&P 500 lost 27.97 points, or 0.95 percent, to 2,917.38 and the Nasdaq Composite dropped 120.98 points, or 1.51 percent, to 7,884.72.
Asia stocks slip after Fed tempers aggressive rate cut expectations
Asian stocks slipped on Wednesday and the dollar pulled back from three-month lows after Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.
Australian stocks dipped 0.15 percent, South Korea’s KOSPI shed 0.1 percent and Japan’s Nikkei retreated 0.6 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.17 percent. Nifty futures were trading around 11,772-level on the Singaporean Exchange.
US aims to restart China trade talks, will not accept conditions on tariff use
The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday, but Washington will not accept any conditions around the US use of tariffs in the dispute, a senior administration official said on Tuesday.
Trump has threatened to impose tariffs on another USD 325 billion of goods, covering nearly all the remaining Chinese imports into the United States – including consumer products such as cellphones, computers and clothing – if the meeting with Xi produces no progress in resolving a host of US complaints around the way China does business.