Stock Market Live Updates: Sensex, Nifty Rise Above 24,000 as Jio IPO Buzz Lifts Markets

According to GoodReturns, gold prices remained firm on June 17, with 24K gold priced at Rs. 1,01,600 per 10 grams, 22K gold at Rs. 93,130 per 10 grams, and 18K gold at Rs. 76,200 per 10 grams. Silver traded near Rs. 1,20,000 per kilogram. Investors are closely watching the US Federal Reserve's policy decision, which could influence the direction of precious metal prices. 

Yes Bank shares surged over 5% to around Rs. 25.12, marking a fresh multi-month high. Strong volumes and sustained buying momentum have pushed the stock above key resistance levels, with investors betting on improved business performance and a strengthening outlook for the private lender.

Ola Electric and founder Bhavish Aggarwal have approached the Securities and Exchange Board of India (Sebi) with a settlement application to resolve proceedings linked to allegations of disseminating false and misleading information that may have influenced the company’s share price. The move seeks an amicable resolution without admission or denial of the allegations, potentially helping the EV maker avoid prolonged regulatory proceedings.

Cyient shares fell nearly 6% on Wednesday after the stock turned ex-record date for its Rs. 720 crore buyback offer. The company has fixed a buyback price of Rs. 1,125 per share, representing a premium of around 24% over the previous closing price. June 17 was set as the record date, making only existing shareholders eligible to participate in the buyback process, while new investors purchasing shares after the cutoff will not qualify.

Global markets delivered mixed signals as investors awaited the Federal Reserve’s policy announcement. Japan’s Topix and Australia’s ASX 200 posted gains, while Hong Kong’s Hang Seng declined. S&P 500 futures traded modestly higher, reflecting cautious optimism. Market participants worldwide are monitoring interest rate guidance and economic projections from the US central bank.

Oil prices falling off a cliff have boosted the outlook on Indian equities and bonds. It is believed that softening oil prices will support the rupee, reduce inflationary pressures, and aid the government bond market. Bond yields have turned positive amid improving macroeconomic fundamentals and inflows from foreign investors.

Analysts remain bullish on the Nifty index, citing a breakout above 24,100, with a target of 24,600 in the next few weeks. Analysts say the overall market structure remains positive, with support at 23,800, while major support lies below 23,500–23,600.

Early trading saw losses for companies like Cyient, which shed over 5% in value, while Sterlite Technologies, Embassy Developments, and other stock counters traded on a weak note. Losses in certain counters were seen due to profit-taking and corporate factors, despite gains across the board.

Among the biggest gainers for the day was Brigade Enterprises, which gained almost 7% from its previous close. Other gainers included Rajesh Exports, Metropolis Healthcare, GE Power India, and Redington. Buying interest in stocks related to real estate, healthcare, industries, and technology helped boost market sentiment.

Reliance Jio is reportedly preparing to file draft papers for its much-anticipated $4 billion initial public offering. According to reports, the filing could take place ahead of Reliance Industries Chairman Mukesh Ambani’s annual shareholder meeting. This development has created considerable buzz in the stock market, with many eyes on one of India's biggest prospective IPOs.

The chart below shows the percentage gains recorded by the top-performing stocks highlighted during today's session. Brigade Enterprises led the rally, followed by Rajesh Exports and Metropolis Healthcare, reflecting strong buying interest across realty, healthcare, industrial, and technology sectors.

Shares of General Insurance Corporation of India declined nearly 4% after the government opened a Rs. 3,088-crore Offer for Sale to retail investors. The OFS floor price was fixed at Rs. 352 per share, representing a discount to the previous closing level. Investors reacted cautiously as the divestment process increased short-term supply concerns.

Vedanta Iron and Steel shares continued their impressive post-listing run, hitting the 5% upper circuit for the third straight trading session. The stock has rallied approximately 16% since its market debut, reflecting strong investor enthusiasm. Sustained buying interest and positive sentiment toward the company have contributed to the stock’s sharp upward momentum.

Reliance Industries shares are showing signs of recovery after finding strong support near the Rs. 1,250–1,260 zone. The stock is currently trading around Rs. 1,330 and has rebounded from recent lows, supported by improved buying interest. However, the broader trend remains weak, with resistance placed at Rs. 1,350–1,380. A decisive breakout above these levels could strengthen momentum, while a fall below Rs. 1,250 may trigger fresh selling pressure.

Indices related to various sectors witnessed a predominantly positive trend, indicating buying across all segments. Consumer Durables sector index outperformed other sectors with an almost 2% gain, followed by IT and Media. Nevertheless, Metal, Realty, and Public Sector Bank indices were lagging due to some profit booking activity in certain selected sectors.

Equity indices in India opened on the positive side in the early hours of trade on June 17 as the ongoing upturn momentum continued. Sensex rose more than 100 points while Nifty breached the 24,000 mark amid favorable global sentiments, improved geopolitics, and reduced crude oil prices.