SENSEX JUMPS 621 PTS; NIFTY ENDS ABOVE 23,850; MEDIA INDEX ADVANCE

The key equity indices ended with substantial gains on Wednesday, rising for third day in a row. The Nifty settled above the 23,850 mark.

The barometer index, the S&P BSE Sensex, was up 620.73 points or 0.80% to 78,674.25. The Nifty 50 index gained 147.50 points or 0.62% to 23,868.80.

The Sensex and Nifty clocked an all-time high of 78,759.40 and 23,889.90, respectively in late trade. Further, the Nifty Bank registered an all-time high of 52,988.30 in late trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.29% and the S&P BSE Small-Cap index rose 0.15%. The market breadth was negative.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.86% to 14.05.

Among the sectoral indices, the Nifty Media index (up 1.60%) and the Nifty Oil & Gas index (up 1.39%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Metal index (down 1.45%), the Nifty Realty index (down 1.43%) and the Nifty Auto index (down 0.92%) underperformed the Nifty 50 index.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.16% to 6.994 as compared with previous close 6.983.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6000, compared with its close of 83.4300 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.27% to 105.89.

The United States 10-year bond yield gained 1.02% to 4.281.

In the commodities market, Brent crude for August 2024 settlement added 75 cents or 0.89% to $84.97 a barrel.

Global Markets:

European stocks traded mixed while Asian shares advance as the investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed`s preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

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