Nifty, Sensex continue upward trend; Mid and small caps see 1% surge

Mumbai (Maharashtra) [India], June 12 (ANI): Indian markets continued their bull run during Wednesday's session. The Nifty touched an all-time high of 23,441 points during the day. However, both indices closed with marginal gains due to profit booking by investors. The benchmark Nifty gained 58 points to close at 23,322.95, while the Sensex closed marginally up by 149 points at 76,606.

"The Nifty closed flat after a strong initial hour of trading, encountering resistance around 23,400. However, the short-term trend remains positive as the index stayed above 23,300. In the near term, the index might continue consolidating within the 23,300-23,500 range. A decisive breakout above 23,500 could trigger a rally towards 23,800" said Rupak De, Senior Technical Analyst, LKP.

The top gainers on the Nifty 50 included Coal India, Power Grid, Eicher Motors, SBI Life, and Tech Mahindra. The top losers were Mahindra and Mahindra, Britannia, Tata Consumer, Hindustan Unilever, and Titan. The Nifty volatility index continued its downward trend after the election results, declining more than 2.5 per cent to 14.39 on Thursday.

The BSE MidCap and SmallCap indices surged over 1% each. Sector-wise, Nifty IT, Nifty Media, and Nifty Oil and Gas showed notable increases, rising by 1.34%, 1.05%, and 0.97%, respectively, whereas Nifty FMCG experienced a decline of 0.28%.

"Focus in India shifts to post-market release of CPI inflation and factory output data. Retail inflation in May is anticipated to remain stable at 4.8%, compared to the previous month, driven by a rise in food prices balanced by low core inflation," said Varun Aggarwal, MD, Profit Idea.

In the global markets, Asian markets traded with mixed sentiments, while the US stock market closed with the S&P 500 and Nasdaq reaching record highs ahead of the release of consumer price data and the Fed policy announcement.

Market participants are also waiting for India's inflation data, which is to be released today and investors will actively monitor the policy decisions of the new government.

India's retail inflation eased to 4.83 per cent in April, down from 4.85 per cent in March. However, consumer food price inflation surged to 8.70 per cent from 8.52 per cent last month.

The retail inflation in India though is in RBI's 2-6 per cent comfort level but is above the ideal 4 per cent scenario. (ANI)