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Market Commentary - Mid Session
Nifty hits record high; IT stocks advance
(15 Jun 2021, 11:26)

The benchmarks indices were trading in a narrow range near the day's high in mid-morning trade. The Nifty was trading above the 15,850 mark. IT shares advanced for fourth consecutive session. Asian stocks were mixed ahead of the US FOMC meet scheduled later in the global day today.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 236.68 points or 0.45% to 52,788.21. The Nifty 50 index added 72.15 points or 0.46% to 15,884. The Nifty hit a record high of 15,901.60 in morning trade today.

In broader market, the S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index gained 0.76%.

The market breadth was strong. On the BSE, 2080 shares rose and 923 shares fell. A total of 151 shares were unchanged.

Investors sentiment was upbeat after biotech firm Novavax said Monday its Covid vaccine was shown to be safe and 90.4% effective overall in a phase three clinical trial. Novavax has tied up with the Serum Institute of India (SII) to manufacture its Covid-19 vaccine, namely Covovax. The Government of India has already factored in 20 crore Covovax doses in the larger pool of 2 billion it expects to make available for the national inoculation drive between August and December.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 176,207,960 with 3,809,317 global deaths.

India reported 913,378 active cases of COVID-19 infection and 377,031 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Consumer Price Index-based inflation (CPI) for the month of May came in at 6.30%, higher than April's 4.23%. The higher inflation month-on-month was primarily on the back of a substantial hardening of food prices.

Buzzing Segment:

The Nifty IT index rose 0.26% to 28,387.15, extending gains for fourth day. The index has added 3.08% in four sessions.

Oracle (up 1.73%), Coforge (up 1.13%), Tech Mahindra (up 0.84%), HCL Tech (up 0.59%), Mphasis (up 0.27%) and TCS (up 0.11%) advanced.

Infosys rose 0.13% to Rs 1,463.75. The IT major will report its Q1 June 2021 results on Wednesday, 14 July 2021.

Global Markets:

Asian stocks were trading mixed on Tuesday. Investors looked forward to a much-anticipated Federal Reserve policy meeting to see if the U.S. Central Bank would signal any change to the U.S. monetary policy outlook.

The U.S. markets closed at a record on Monday. The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting. The Nasdaq Composite gained 0.74% to an all-time closing high of 14,174.14. The S&P 500 also cruised to another record close, rising 0.18% to 4,255.15. The Dow Jones Industrial Average lagged, dipping 85.85 points to 34,393.75.

The Fed's two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. Fed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday.

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