As per provisional closing data, the barometer index, the S&P BSE Sensex rose 85.35 points or 0.14% to 63,228.51. The Nifty 50 index rose 39.75 points or 0.21% to 18,755.90. In three consecutive sessions, the Sensex advanced 0.96% while the Nifty climbed 1.04%.

In the broader market, the S&P BSE Mid-Cap index added 0.20% while the S&P BSE Small-Cap index gained 0.42%.

The market breadth was positive. On the BSE, 1,950 shares rose and 1,636 shares fell. A total of 123 shares were unchanged.

Investors kept a close eye on the Federal Open Market Committee's (FOMC) interest rate decision later today, since recent indications of a slowing of inflation raise the possibility that it will halt its aggressive cycle of rate hikes.

Economy:

India's wholesale price index (WPI) based inflation has dropped to its lowest level since November 2015, reaching -3.48% in May. The decline is attributed to a favorable base effect. In April, wholesale inflation stood at -0.92%. The latest WPI inflation print is the lowest in seven-and-a-half years.

Food wholesale inflation has also decreased, falling to -1.59% in May compared to 0.17% in April. The statistics ministry recently reported that headline retail inflation reached a 25-month low of 4.25% in May.

Buzzing Index:

The Nifty Metal index advanced 1.42% to 6,214.75. The index rose 2.90% in three trading sessions.

APL Apollo Tubes (up 4.29%), Tata Steel (up 2.38%), JSW Steel (up 2.14%), Hindustan Copper (up 1.81%), Jindal Stainless (up 1.48%), Jindal Steel & Power (up 1.41%), Ratnamani Metals & Tubes (up 1.35%), Vedanta (up 1.08%), Hindalco Industries (up 0.87%) and Steel Authority of India (up 0.77%) edged higher.

Stocks in Spotlight:

Kotak Mahindra Bank rose 0.30%. The meeting of the board of directors of the bank is scheduled on 16 June 2023 to consider raising of funds by way of issuance of Unsecured, redeemable, non-convertible debentures / bonds, in one or more tranches / series, on a private placement basis, during the FY 2023-24.

Anupam Rasayan fell 1.05%. The company signed letter of intent worth revenue of $265 million (Rs 2,186 crore) for next five years with one of the leading Japanese Speciality Chemical company to supply new age patented life science active ingredient.

Zydus Lifesciences gained 2.85%. The drug maker announced that the group's injectables manufacturing facility at Zydus Biotech Park in Changodar, Ahmedabad, underwent USFDA inspection from 5 June to 13 June 2023. The cGMP inspection concluded with nil observations.

KEC International advanced 2.97%. The company said that it has secured new orders worth Rs 1,373 crore across its railways, civil, transmission and distribution (T&D), and cables businesses.

Ipca Laboratories declined 2.43% after the company announced that the US FDA had concluded its inspection at its Madhya Pradesh-based APIs manufacturing facility with 11 observations.

Granules India added 0.68%. The pharmaceutical company on Wednesday announced that it has received US drug regulator's approval for its abbreviated new drug application (ANDA) for Levetiracetam tablets USP.

Motilal Oswal Financial Services (MOFSL) rallied 3.69% after the company said that its material subsidiary, Motilal Oswal Home Finance (MOHFL) appointed Sukesh Bhowal as chief executive officer (CEO) effective from 14 June 2023.

Global Markets:

Markets in Europe advanced across the board while Asian stocks traded mixed on Wednesday after slowing U.S. inflation solidified bets that the Federal Reserve would skip a hike later in the day, but uncertainty remained about further rate increases beyond this week.

U.K. gross domestic product grew by 0.2% in April, with growth driven by services.

US stocks closed higher on Tuesday after traders spent the session adding to optimism that the latest inflation data could support the central bank skipping a rate hike for June.

The much-watched U.S. CPI report overnight showed prices barely rose in May, with just a 0.1% increase from the prior month. On an annual basis, consumer prices rose 4%, the smallest in more than two years, slowing from April's 4.9%.

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