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Equity benchmarks rebounded sharply on Wednesday after two consecutive sessions of losses, although investor sentiment remained cautious amid concerns over a potential escalation in the US-Iran conflict and weaker-than-expected monsoon progress.
The BSE Sensex rallied more than 630 points to an intraday high of 77,110.08, while the NSE Nifty 50 gained over 180 points to reclaim the 24,000 mark.
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The broader markets also traded in positive territory, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around 0.2 per cent each. Sectoral performance remained mixed. Media, realty and FMCG stocks outperformed, while IT, metal and pharma stocks traded lower.
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Geopolitical Tensions – Senior U.S. officials who landed in Doha are not expected to hold high-level talks with Iran, a Qatari official noted, raising doubts over progress toward a durable end to the Iran conflict. Oil prices climbed as well, after Iran signaled it would skip meetings with the visiting U.S. envoys following the recent flare-up in hostilities, reducing hopes of an imminent diplomatic breakthrough.
Macro-Economic Signals – Traders are now assigning roughly a 67% probability to a September rate hike, based on the CME FedWatch Tool, pointing to strengthening bets on tighter monetary policy ahead. Market participants are watching for June’s ADP employment numbers due later today, along with Thursday’s nonfarm payroll report, both likely to offer fresh direction on the Fed’s rate trajectory — and, in turn, near-term movement in bullion.
Technical Triggers
Gold has cracked its critical $4,000 floor, sliding toward $3,960 (₹1,30,000). Given oversold conditions, a relief rally toward $4,100 (₹1,47,000) remains a credible scenario.
Silver has slipped past the $60 (₹2,10,000). Should bearish pressure persist and yesterday’s low gets breached, the next floor sits at $50 and $67 (~₹2,38,000).
The BSE Sensex rallied more than 630 points to an intraday high of 77,110.08, while the NSE Nifty 50 gained over 180 points to reclaim the 24,000 mark.
Sensex jumps over 630 points, Nifty reclaims 24,000, KPIT Tech slumps 17%
Equity benchmarks rebounded sharply on Wednesday after two consecutive sessions of losses, although investor sentiment remained cautious amid concerns over a potential escalation in the US-Iran conflict and weaker-than-expected monsoon progress.
