Stock market today: Domestic blue-chip indices Sensex and Nifty scaled new heights in Thursday's (June 13) session tracking the gains in global stocks after a market-pleasing U.S. inflation report boosted expectations of a U.S. interest rate cut. Last seen, Sensex was up 390.97 points or 0.51 per cent at 76,997.54 and Nifty was up 112.05 points or 0.48 per cent at 23,435. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

"There is good news on the inflation front, both in the US and in India. In the US May CPI inflation has declined slightly less than expected to 3.3 per cent with month-on-month (MoM) inflation remaining flat. However, the economy continues to remain strong and there are no clear signs of labour market loosening. Therefore, Fed chief Jerome Powell has kept rates unchanged and has hinted at only 1 rate cut in 2024 and possibly 4 rate cuts in 2025,"  said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. Vijayakumar added In India May CPI inflation has declined to 4.75 per cent and core inflation has come to only 3.1 per cent. This paves the way for a rate cut by the MPC in October. The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks.

In the broader market, Nifty Midcap 100 and Smallcap 100 were up over 0.7 per cent. High-beta Nifty Bank was flat with positive bias at 49,751.85.

BUZZING STOCKS

Sobha shares were up over 4 per cent after its right issue floor price was fixed at Rs 1,651 per share.

L&T Finance shares were up over 3 per cent after 8.82 crore shares changed hands via multiple block deals.

Nestle shares were up over 2 per cent after its board took the decision on royalty fee.

Arvind shares were up over 1 per cent despite work being affected due to workers going on strike at the Santej plant in Gujarat.

Kaya Ltd shares were up over 9 per cent after SINGULARITY EQUITY FUND (Madhu Kela) bought 1.1Lakh (0.84 per cent) shares at Rs 1,032 per share.

Zaggle Prepaid Ocean Services shares were up over 2 per cent after multiple block deals took place.

Catch all the updates of June 13 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.