The Nifty and Sensex scaled new fresh highs on June 13, following upbeat global markets, which rose despite the hawkish US Federal Reserve commentary. Both the benchmark indices gained about half a percent, with IT and Realty sector stocks rising over one percent. The FMCG sector declined for a second session in a row.
At about 9:20 am, the Sensex was up 370 points or 0.5 percent at 76,976 and the Nifty was up 117 points at 23,440. The Sensex hit an intraday high of 77,145, and Nifty hit a high of 23,481. About 2,188 shares advanced, 421 shares declined, and 89 shares were unchanged.
"Market has been consolidating for the past three sessions and is likely to continue to do that in the near term with a positive bias," Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services, said.
The uptick in the benchmark indices comes after the US Federal Reserve kept the interest rates unchanged to 5.25-5.5 percent for the seventh consecutive meeting, while inflation saw a slight decline to 3.3 percent in May.
In India, the consumer price index (CPI) inflation moderated slightly to 4.75 percent in May from 4.8 percent in April. "The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
The midcap and smallcap index also edged higher for the third session in a row, rising 0.6 percent and 0.4 percent, respectively. Of the 13 indices, Nifty FMCG, Nifty Pharma, and Nifty Energy were trading in the red.
The volatility index, which took a beating around elections, eased further by 14.2, lower by 1.2 percent.
Among individual stocks, HDFC Life, LTIMindtree, Divis Laboratories, Shriram Finance, and Wipro were the leading bulls on the Nifty. The Nifty losers pack consisted of three FMCG majors, Tata Consumer, Britannia, and Hindustan Unilever, all slipping over one percent each.
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