Markets in green; benchmark indices near record highs

16 Jun 2023 , 01:01 PM

Indian stock markets are trading with gains supported by the upside across sectors after high anticipation that Fed may be less hawkish.

The weekly unemployment claims indicate a constrained labour market, potentially causing a postponement in additional interest rate increases by the U.S. Federal Reserve.

On the sectoral front, Nifty Bank and Financial Services indices are driving the rally. Nifty IT is putting weight on the chart. All other sectoral indices are trading with gains.

At around 1.00 PM, BSE Sensex is trading 217 points higher at 63,134. NSE Nifty index is trading higher by 72 points at 18,760.

HDFC Life (+5.93%) is the top gainer on the nifty index so far in the day. SBI Life (+3.61%) is trading about 4% higher. Dr Reddy’s (+2.01%), Bajaj Finserv (+1.89%), and UPL (+1.62%) are trading with about a 2% upside.

Bajaj Auto (-1.92%) is the biggest laggard on NSE today. TCS (-1.75%) and Wipro (-1.38%) drag down the heavyweight IT index with declines. Eicher Motors (-0.96%) and BPCL (-0.94%) are trading downwards.

A total of 33 stocks advanced, and 17 declined on nifty.

Globally, Asian shares registered gains as the Bank of Japan kept its ultra-easy monetary policy intact.