Sensex, Nifty rise on gains in metal, commodity stocks

Up for the third consecutive session, the benchmark stock indices recovered from early losses to close in the positive zone on Wednesday, supported by the purchase of metals, commodities and energy stocks amid encouraging inflation data for the coefficient of gold prices.

However, cautious trading prevailed in the market as investors preferred to stay on the sidelines ahead of the US Federal Reserve interest rate decision announcement later in the day.

BSE Sensex rose 85.35 points, or 0.14 percent, to settle at 63,228.51 points. During the day, it recorded the highest level at 63,274.03 and the lowest at 63,013.51.

NSE Nifty advanced 39.75 points, or 0.21 percent, to close at 18,755.90.

Tata Steel was the biggest gainer on the Sensex chart, rising 2.39 percent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints.

In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the latecomers.

the The rate of inflation based on wholesale prices fell to its lowest level in 3 years From (-) 3.48 percent in May on easing food, fuel and manufactured materials prices, which strengthens the argument for continuing the pause in interest rate hikes in the coming months of the current fiscal year.

This is the second month in a row that WPI has been in negative territory, mainly due to higher base and lower fuel and manufactured goods prices. Food prices also declined during the month of May.

In Asian markets, Seoul, Shanghai and Hong Kong closed lower, while Tokyo settled in the green.

Stock markets in Europe were trading with gains. US markets closed in positive territory on Tuesday.

“Domestic indices rebounded after an initial phase of profit-taking, driven by encouraging inflation data for WPI prices and positive global indices, while selling in information technology and banking stocks kept a cap on gains. The positive decline in inflation in the United States, driven by lower energy prices, and speculation about a stalled Potential Fed rate hike campaign brought relief to global stocks.

“However, continued high levels of core inflation may force the Fed to maintain its hawkish tone during today’s policy announcement signaling a prolonged pause,” said Vinod Nair, head of research at Geojit Financial Services.

Brent crude oil, the global benchmark raw It rose 1.08 percent to $75.09 a barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 1,677.60 crore on Tuesday, according to exchange data.

Up for the second consecutive session, the benchmark BSE index jumped 418.45 points, or 0.67 percent, to settle at 63,143.16 on Tuesday. The Nifty Index rose 114.65 points, or 0.62 percent, to close at 18,716.15.