Indian stock market closed in the green on Wednesday, with Sensex and Nifty rising over 0.4% each to extend gains for the fourth consecutive session following the Iran-US deal framework and a sharp correction in oil prices, which have now dropped below $80 per barrel. Sensex rose 347 points to close at 77,156, while Nifty 50 gained around 97 points to end the session at 24,086 on Wednesday. This came as India VIX, which measures volatility in the market, dropped over 1% to 13.20.
Here's how analysts read the market pulse
Indian equities extended their gains for a fourth straight session, supported by softer bond yields and a firmer rupee despite mixed global cues ahead of the Fed’s policy decision, said Vinod Nair, Head of Research at Geojit Investments. He added that continued weakness in crude oil prices, driven by easing geopolitical tensions around the Strait of Hormuz, has kept investor sentiment buoyant.
“Gains were led by IT and metals on expectations of a stable US rate cycle and improving global demand, while PSU banks gained on mark-to-market gains and capital relief from ECLGS risk-weight easing. Although concerns over delayed monsoons and low reservoir levels triggered some intra-day profit booking, late-session short covering helped indices close with modest gains,” he added.
US Stocks
Wall Street's major indexes inched higher in choppy trading on Wednesday, as chip stocks rebounded ahead of the first interest rate decision under new Federal Reserve Chair Kevin Warsh.
Shares of richly valued chipmakers, including Broadcom , Micron Technology, Advanced Micro Devices and Intel, rose between 2.5% and 4%.
The S&P 500 tech index gained 1.2%, while the Philadelphia SE Semiconductor index advanced 3.5%.
Data showed U.S. retail sales increased more than expected in May, but a slowdown is likely as the cushion that consumers had from larger tax refunds depletes due to rising costs.
European markets
The pan-European STOXX 600 rose 0.3%, staying close to Monday's record. Shares in BMW fell 7% after the German automaker slashed its 2026 outlook, citing a downturn in China and the impact of the U.S.-Israeli war on Iran.
Brent crude fell as far as $77.75 a barrel, down more than a third from April peaks after reports the United States may waive sanctions on Iranian oil under a deal to end the war. It was last up 0.4% at $79.29.
The International Energy Agency said the oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz.
Tech view
On the downside, 24,000 is expected to act as immediate support for the Nifty going forward, according to Rupak De, Senior Technical Analyst at LKP Securities. A breach below this level could trigger a correction towards 23,800. Conversely, a decisive move above 24,100 may pave the way for a rally towards 24,300 and higher, he added.
Most active stocks in terms of turnover
BSE (Rs 2,835 crore), HDFC Bank (Rs 2,555 crore), IFCI (Rs 2,197 crore), Dixon Tech (Rs 2,147 crore), IDBI Bank (Rs 2,051 crore), Tata Motors PV (Rs 1,906 crore), and Trent (Rs 1,715 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 50.31 crore), Yes Bank (Traded shares: 39.44 crore), IFCI (Traded shares: 23.90 crore), IDBI Bank (Traded shares: 23.33 crore), Suzlon Energy (Traded shares: 16.46 crore), UCO Bank (Traded shares: 15.75 crore) and Ola Electric (Traded shares: 10.42 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
IDBI Bank, Schneider, UCO Bank, Trent, Olectra Greentech, Data Patterns (India) and Finolex Cables were among the stocks that witnessed strong buying interest from market participants.
52-week high
Among the ones which hit their 52-week highs on NSE included Data Patterns (India), YES Bank, KEI Industries, Nuvama Wealth Management, Kirloskar Oil, Polycab India and CG Power & Industries.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Tata Motors PV, BSE, Aarti Industries, Cyient, FACT, Colgate Palmolive and MRPL.
52-week low
Among the ones that hit their 52-week lows on NSE included GIC, Bayer Cropsciences, Sonata Software, Triveni Engineering and Titan Company.
Sentiment meter favours bulls
Out of the 3,430 stocks that traded on the NSE on June 17, Wednesday, 1,923 stocks witnessed advances, 1,396 saw declines while 111 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
