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Daily Market Wrap - June 17, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-06-17 13:10:22 (Time Zone: UTC)


Indian benchmark equity indices ended lower for the second consecutive day on June 17 following weak global cues caused by the US Fed which signaled higher rates in 2023 in its policy outcome on Wednesday. The Nifty opened lower in line with other Asian markets, but soon recovered. It made an intra day high at 1020 Hrs, following which it again corrected. After forming a low at 1420 Hrs, it rose and cut the losses. At close, the Nifty was down 76.10 points or 0.48% at 15691.40. Indian rupee slipped to six-week low on June 17 and was down 76 paise, at 74.08 per dollar.

Volumes on the NSE were below recent averages. Among sectors, Realty, Power, Metals, Auto, Banks were the loss leaders while IT and FMCG were the only two sectors ending in the positive. BSE midcap and smallcap indices shed 0.5-1.3 percent.

Asian stock markets followed Wall Street lower Thursday after the Federal Reserve indicated it might ease off economic stimulus earlier than previously thought. European stocks pulled back on Thursday as global markets react to the Federal Reserve's signal that rate hikes will come sooner than expected.

Nifty fell due to the global event, but contained its losses. Even the Asian markets clawed back post weak openings. However advance decline ratio in India remains severely negative for the second consecutive session. Nifty may fall some more to take support around 15567 and then correct upwards. On rises 15750 may be difficult to breach sustainably in the near term. The fact that the big Fed announcement has passed by without any large damage to global indices means that there may not be a sharp downmove immediately and global markets may go back to their original trend soon; though the momentum on the upside may be weak till a fresh positive trigger emerges on the horizon.


Source: Equity Bulls

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