Markets pull back from record highs; PSU Bank, FMCG outperform; ONGC, Tata Consumer top bulls; Adani Ports extend slide

Investors had a cautious tone on a global front in stocks as they wait for the much-anticipated Federal Reserve policy outcome later in the day.

Jun 16, 2021 09:06 IST India Infoline News Service

Bull and bear
Indian markets halted their record highs winning streak on Wednesday with investors booking profit. Investors had a cautious tone on a global front in stocks as they wait for the much-anticipated Federal Reserve policy outcome later in the day. Back at home, PSU Bank and FMCG stocks outperformed. While metal stocks underperformed but at a slower pace. Broadly, the markets saw flat to a slight upside in their readings. Today, expect some consolidation with stock/sector-specific action.

At around 09.39 am, Sensex was trading at 52,806.03 up by 32.98 points or 0.06%. Nifty 50 was trading at 15,876.20 up by 6.95 points or 0.04%.

Top bulls on NSE were - ONGC, Tata Consumer, UPL, Coal India and ITC surging between 0.9-1.4%.

Top bears on the NSE were - Adani ports tumbling nearly 2% followed by Power Grid with more than 1% downside. Hindalco, HCL Tech and JSW Steel dived between 0.6-0.7%.

In terms of the sectoral indices, Nifty FMCG and Nifty PSU Bank jumped by nearly 1% each. Nifty IT, Nifty Pharma and Nifty Metal were marginally down.

On the Asian front, markets were broadly on a mixed note with Japan's Nikkei 225 taking the worst hit after US counterparts retreated from all-time highs. The Asian markets are expected to perform sideways till the US Fed policy tonight in the US. Chinese stocks flattered to disappoint as they record profit-booking, while South Korean chip manufacturers logged further gains as demand surges to 3-year highs.

Overnight, at Wall Street, US stocks settled in the red as Dow Jones lost 100 while Nasdaq halted their 3-straight days gaining spree and also ended below 100 points. Markets await Federal Reserve stance on rising inflation & outlook on rates with expectations of lowering of bond purchases on the anvil. Bond yields closed at 1.49%, while Crude oil traded at the highest since 2018.

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