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Business News/ Markets / Live Blog/ Market Close Highlights: Sensex ends up 310pts, Nifty at 23,560; Consumer goods, realty, IT gain, pharma, health drag

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Market Close Highlights: Sensex ends up 310pts, Nifty at 23,560; Consumer goods, realty, IT gain, pharma, health drag

20 min read . Updated: 18 Jun 2024, 03:41 PM IST

Pranay Prakash

Market Close Highlights : FIIs net bought ₹2,176 crore, and DIIs net bought ₹656 crore worth of equities on 14 June, per provisional data from NSE. FIIs bought ₹15,691 crore and sold ₹13,515 crore, and DIIs bought ₹11,877 crore and sold ₹11,221 crore worth of equities on Friday.

Market Close Highlights : The NSE F&O ban list for June 18 includes Balrampur Chini, GMR Airports, Hindustan Copper, India Cements, SAIL, and Sun TV. (Photo: Bloomberg)

Market Close Highlights : European stocks followed Asian shares higher after a rally in large US tech companies drove Wall Street to another record peak.

The Stoxx Europe 600 benchmark staged a modest recovery amid lingering concern about political turmoil in France. US futures were steady after the S&P 500 advanced to an all-time high for the 30th time this year, defying concern about narrow breadth and higher-for-longer US interest rates.

Ahead of Wednesday’s holiday in the US, traders geared up for retail-sales data and a slew of Federal Reserve speakers. Treasuries were steady after falling Monday amid a flurry of high-grade corporate bond sales that exceeded $21 billion. A gauge of the dollar was flat.

“The picture being painted is that despite the fading prospects of sizeable interest rate cuts from the Fed this year, the economic outlook remains upbeat and this means that corporate earnings should continue to hold up," said Stuart Cole, the head macro economist at Equiti Capital UK Ltd. “But everybody - the Fed, the markets, etc. - is in ‘data dependancy’ mode, and this sentiment could potentially sour if we get a soft set of retail sales data from the US this afternoon."

Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed US equities up about 15% this year. The US benchmark index topped 5,470 Monday, with Tesla Inc. and Apple Inc. leading gains in megacaps. The Nasdaq 100 came closer to the 20,000 mark as Micron Technology Inc. climbed to a record.

European stocks have retreated since French President Emmanuel Macron called a snap legislative ballot following a drubbing by Marine Le Pen’s National Rally in the European Parliament elections. The two-round election will conclude on July 7.

“A portion of the recent risk off moves have been driven by fears of ‘Frexit’ and euro area breakup. In our view, those fears are overblown, and we would be fading the fear driven moves," said Mohit Kumar, a strategist at Jefferies. “We remain positive on risky assets, but would skew our positions more towards the US in view of the coming French elections."

Investors will keep a close watch on the implications of Beijing’s latest move in its trade tensions with Brussels, after China launched an anti-dumping probe on pork imports from the European Union. That comes as the bloc looks at Chinese subsidies across a range of industries and will impose tariffs on electric car imports from July.

The Australian dollar extended earlier gains after Reserve Bank Governor Michele Bullock said in a press conference that the central bank discussed the case for a rate hike at its policy meeting. Policymakers kept their benchmark interest rate at a 12-year high of 4.35% for a fifth straight gathering.

“The RBA’s hawkish posturing has been maintained, but that is no surprise to markets," said Charu Chanana, head of foreign-exchange strategy at Saxo Markets. “The Aussie’s path is likely to continue to focus on external factors, and is looking bearish in the near-term given the resurgent US dollar and slowing momentum in China and commodities."

Asia chip stocks were among the biggest contributors to gains in the MSCI Asia Pacific index. Shares of Tesla China suppliers advanced after news the electric-car maker had gained approval to test its advanced driver-assistance system on some Shanghai streets. In South Korea, shares of SK Hynix Inc. rose to a 24-year high as an analyst said the chipmaker may see upward revisions to its future earnings consensus.

In commodities, oil edged lower after the biggest advance in a week Monday as risk-on sentiment in wider markets countered a mixed outlook for crude. Copper rose from its lowest close since mid-April. Gold was little changed.

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Market Close Highlights: Sensex ends up 310pts, Nifty at 23,560; Consumer goods, realty, IT gain, pharma, health drag

Market Close Highlights : FIIs net bought ₹2,176 crore, and DIIs net bought ₹656 crore worth of equities on 14 June, per provisional data from NSE. FIIs bought ₹15,691 crore and sold ₹13,515 crore, and DIIs bought ₹11,877 crore and sold ₹11,221 crore worth of equities on Friday.

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Market Close Highlights: Sensex ends up 310pts, Nifty at 23,560; Consumer goods, realty, IT gain, pharma, health drag

Market Close Highlights : FIIs net bought ₹2,176 crore, and DIIs net bought ₹656 crore worth of equities on 14 June, per provisional data from NSE. FIIs bought ₹15,691 crore and sold ₹13,515 crore, and DIIs bought ₹11,877 crore and sold ₹11,221 crore worth of equities on Friday.

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