Nifty, Sensex still on an uptrend; Bank Nifty is weak - Wednesday closing report
A close below 8,050 will mean a small downside for Nifty
We had mentioned in Tuesday's report that the NSE’s CNX Nifty may move further higher however for this, the 50-stock index has to stay above 8,020. The benchmark opened Wednesday higher however it started moving lower. After reaching ear previous day's close, Nifty started moving in a range. After 1.21pm, the 50-stock benchmark gained momentum and moved up to hit a four day (including today) high. After hitting the day's high, Nifty made a quick plunge and closed near to the dip it made.
India Vix value for the day was 16.73, down 2.56%. NSE turnover was at 72.97 crore.
Greece’s central bank warned Wednesday that failure to clinch a deal with international creditors on its future funding needs could lead the country into an “uncontrollable crisis,” describing the issue as being of historical significance for the nation. The Bank of Greece’s report amounts to an appeal to Greece’s government and its international creditors to overcome the differences between them, which the bank suggests are not unbridgeable in terms of the fiscal numbers. But the conflict between Greece’s government and its lenders has become politically charged, with both sides deeply mistrustful of the other and neither willing to give ground.
Glenmark Pharmaceuticals shares surged over 5.09% to close at Rs971.10 on Wednesday on hopes of revival in the US business. According to market analysts, recovery in the company's business in the States is on the cards given it has received four approvals from the US Food and Drug Administration (FDA) in the past month for its Rufinamide, Desmopressin, Calcipotriene and Levonorgestrel drugs.
Finance Minister Arun Jaitley will hold meetings with foreign institutional investors (FIIs) and select top chief executives of American financial companies during his nine-day visit to the US. On Tuesday, Jaitley left for a nine-day visit to the US, the Finance Ministry said in a statement. After reaching New York on Wednesday, he will hold luncheon meeting with executives of top US companies. Jaitley will also address portfolio managers from FIIs as well as executives of US companies operational in India, comprising banks, insurance and pension funds, the statement said. "He will hold meetings (on June 18) with USIBC and FICCI executives and would discuss about reform measures put in place by the Government of India to make India a top investment destination," said the statement.
Nestle India said it's investigating the complaint of live beetles reportedly found in a baby milk food supplement produced by it and is fully cooperating with the authorities on the matter. "We are aware that a consumer in Coimbatore has reported insects in a pack of our Cerelac Stage 3, infant cereal. The quality and safety of our products are non-negotiable priorities for our company and we always take such reports seriously," a Nestle India spokesperson was quoted as saying in media reports. Nestle's popular Maggi noodle has been banned by food safety regulator FSSAI due to presence of lead and taste enhancer monosodium glutamate (MSG) beyond permissible limits.
Among BSE Sensex top gainers, Cipla was up 3.85% to close at Rs612.95. Vedanta was the top loser, which was down 3.14% to close at Rs173. Among BSE 100 top gainers, Glenmark was up 5.09% to close at Rs971.10. Vedanta was the top loser, which was down 3.14% to close at Rs173. Among Nifty stocks, the top gainer was CIPLA, which was up 4.11% to close at Rs612.90. Vedanta was the top loser, which was down 3.47% to close at Rs172.30.
Among US indices, NASDAQ 100 was up 0.52% to close at 4,455.90 and NASDAQ Composite was up 0.51% to close at 5,055.55.
In Asia, Shanghai Composite was up 1.65% to close at 4,967.90 and Hang Seng was up 0.70% to close at 26,753.79.
Among European indices, FTSE 100 was down 0.51% while Athex Composite Share Price Index was down 1.15%. US futures were flat.