Energy, IT and Pharma stocks helped the market snap a four-day losing streak as benchmarks ended higher by 0.7% on Thursday. As oil price hovered around three-month high, Nifty oil & gas jumped over two per cent in the afternoon trade. The index settled with 1.96% gains, which was followed by Nifty Pharma and IT that settled 1.2% and 0.98% higher respectively.  

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Dr Reddy's, Reliance Industries, Sun Pharma, Tech Mahindra, BPCL, Wipro and Infosys were top gainers from these sectors.  

The broader Nifty50 gained nearly 120 points to end at 16,478 and the 30-share BSE benchmark rose 428 points to 55,320 ahead of FOMC meeting.  

Foreign institutional investors remained net sellers as they offloaded shares worth Rs 2,484.25 crore on Wednesday, according to stock exchange data. 

Here is what market experts make of the today's trading session. 

Vinod Nair, Head of Research at Geojit Financial Services. 

The market continued to be dominated by a volatile global market with investors weighing the impact of the upcoming global central bank meetings. However, the domestic market reversed its losses during the closing hours due to positive movements in the US futures.  

FIIs are cautious ahead of the Fed policy even though the market may have factored-in an interest rate hike of 50bps, due to risk of hawkish measures. 

S Ranganathan, Head of Research at LKP securities.  

Street displayed caution ahead of the FOMC meet despite known outcomes as supply chain disruptions and rising inflation continue to exert pressure. Fears of a slowdown in GOI CAPEX spend in the wake of rising subsidies despite the buoyancy in tax collections kept the street circumspect.  

While Indices stayed buoyant rising by almost a percentage led by a surge in the Energy Index, the broader markets witnessed profit booking in refinery stocks after a strong up-move since the last few weeks. Domestic Flows over the last many months have been structurally positive even as Foreign Outflows continue unabated 

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas 

The Nifty tested multiple support parameters on the downside on June 9, which were present near 16300. The index received buying support near the 20-DMA, a falling trendline & lower end of a rising channel.  

All these parameters rescued the bulls after four negative sessions. At this support, the index has formed an Engulfing bull candle on the daily chart.  

The daily momentum indicator has been in bullish mode whereas the hourly momentum indicator developed a positive divergence & started a new cycle on the upside.  

This suggests that the Nifty is set for a leap towards the junction of the swing high & the daily upper Bollinger Band, which is near 16800. 

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

With the monetary policy coming on expected lines without any significant market impact, the focus now will be on the US inflation data and its implications for interest rates and equity markets. The fact that the trading volume in US markets is very low indicates that the market is waiting for direction. Big market moves are likely after the data is out. 
 
In India, the near-term texture of the market is 'sell on rallies'. FPI's sustained selling has become almost predictable. Only a declining inflation rate in the US and the possibility of the Fed turning less hawkish than now can change the trend of FPI selling. 
 
FPI selling in banking stocks has led to depressed valuations in this segment, particularly in high quality banking majors. This is an opportunity for medium- long- term investors.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)