Nifty up 0.83% as crude oil slides and India-US trade deal optimism lifts sentiment. JSW Cement (₹133.60) draws support from lower input costs and a bullish channel.
NEWS CORP currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Indian equities snapped the previous session's losses Wednesday, with the Nifty 50 rising 197.55 points to 24,021.65 and the Sensex gaining 790.54 points to 76,991.22. Two catalysts drove the move: lower crude oil prices after Middle East tensions eased, and revived optimism around a near-final India-U.S. trade deal, according to news reports.
Cash market volumes on the NSE came in 7% below the prior session, suggesting the rally was led by selective buying rather than broad accumulation, traders said. The index opened about 30 points lower before recovering more than 300 points intraday.
Brent crude's retreat dragged the energy-sensitive sectors higher. For cement makers, the link is direct: crude oil prices influence the cost of petcoke and fuel, two primary inputs. JSW Cement stands out in the space, with its share price of ₹133.60 showing a defined bull channel since February, according to the live blog. The stock found support around ₹128 over the past week, with a moving average floor near ₹126. The channel's lower boundary sits at ₹125, creating a broad support zone between ₹128 and ₹125.
The blog's technical call targets a rise to ₹146-₹150, the upper end of the channel, in the coming weeks. Lower input costs from the crude drop reinforce that setup rather than being the primary driver, the blog noted.
Axis Bank priced $300 million in senior unsecured notes due 2031 at a fixed rate of 5.348%, issued through its GIFT City IFSC banking unit under a $500 million MTN programme. The fund-raise coincides with large Indian banks offering leverage to NRI clients to place fresh FCNR deposits, the blog said.
Shares of Indian Railway Finance Corporation fell nearly 6% after the government launched an offer for sale to divest up to 2% at a discount. The OFS signals continued government divestment, which may pressure other public-sector-owned financial stocks near term.
On the primary side, Knack Packaging filed to raise ₹440 crore via an IPO, pricing shares between ₹161 and ₹170 each, with subscriptions opening July 1.
The trade deal's finalization is expected by end-June, according to the news reports. Further crude moves and the outcome of the IRFC OFS will test whether Wednesday's breadth recovery has staying power.
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