Daily Market Wrap - June 15, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices rose for the fourth consecutive session on June 15. The Nifty opened gap up and then remained in a narrow 46 point gap through the day. At close, the Nifty was up 57.40 points or 0.36% at 15869.30.

Volumes on the NSE were much below recent averages. Among sectors, Realty, Consumer Durables and FMCG were the main gainers while Healthcare and Power were the main losers.

Asian shares except the Chinese/Hongkong indices, were up on Tuesday ahead of a much-anticipated Federal Reserve policy meeting, which investors are watching for hints of any change to the U.S. monetary policy outlook.

European shares rose for an eighth straight session as optimism around a speedy economic recovery across the region lifted industrial stocks and as taper fears recede.

Indian markets on June 15 ignored the high inflation numbers announced the previous day. Attention and funds are being diverted to the four IPOs lined up this week. This is also reflected in lower volumes in the secondary markets. Rangebound trade at these high levels suggest hesitation on the part of traders to expand their commitments. However a positive outcome from the US Fed meet this evening could help overcome this hesitation. Nifty could remain in the 15940- 15791 band for the near term.

Source : Equity Bulls

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