Market participants will closely track key outcomes from the G7 Summit, along with monsoon developments, foreign institutional investor (FII) activity, and inflation trends for further directional cues. The Nifty settled above 24,050 mark

Consumer durables, PSU Bank and metal shares advanced while auto, realty and FMCG shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 347.14 points or 0.45% to 77,155.62. The Nifty 50 index rose 96.55 points or 0.40% to 24,085.70. In the four straight trading sessions, the Sensex surged 4.50%, while the Nifty gained 3.99%.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 0.73% and the BSE 250 SmallCap Index added 0.58%.

The market breadth was strong. On the BSE 2,408 shares rose and 1,871 shares fell. A total of 172 shares were unchanged.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.5200 compared with its close of 94.6000 during the previous trading session.

Monsoon Gap Raises Concerns:

India's southwest monsoon has stalled after reaching Kerala, leaving the country with a rainfall deficit of 35% as of 16 June. The shortfall is most severe in central India (63%) and eastern and northeastern regions (43%), while the monsoon has yet to reach Mumbai, more than a week after its normal arrival date. The delay comes amid growing concerns over a developing El Ni'o, which typically weakens monsoon rains.

The India Meteorological Department (IMD) expects the current slowdown to persist for another five to six days due to unfavorable weather conditions. In response, the Centre has placed 150-200 districts under close monitoring, asked states to prepare crop contingency plans, and warned that a weak monsoon could increase food inflation and pressure agricultural output. Despite the concerns, officials said seed, fertiliser and reservoir stocks remain adequate for now.

G7 Summit:

The Group of Seven (G7) is an annual forum comprising the world's leading advanced economies that discusses key global economic, security, and geopolitical issues. The 2026 G7 Summit is being hosted by France in 'vian-les-Bains from 15 to 17 June.

Prime Minister Narendra Modi yesterday addressed the Outreach Session on ''Forging New Partnerships and Rebuilding International Solidarity', at the G7 Summit in Evian, France.

In his intervention, Prime Minister underlined that, in an interconnected world, where energy, food, health, cyber, and economic security are intertwined, building international partnerships was a necessity for the progress and prosperity of humanity. He further added that, in an uncertain world, trade and technology were being misused for narrow interests, leading to a trust deficit in the international arena.

Among the key developments being closely watched is the meeting between Indian Prime Minister Narendra Modi and U.S. President Donald Trump.

Buzzing Index:

The Nifty Consumer Durables index jumped 2.11% to 37,223.40. The index rallied 8.94% for the four consecutive trading sessions.

Dixon Technologies (India) (up 4.99%), Blue Star (up 4.51%), Crompton Greaves Consumer Electricals (up 4.19%), PG Electroplast (up 3.46%) and Voltas (up 1.78%), Kajaria Ceramics (up 1.76%), Havells India (up 1.32%), Titan Company (up 1.13%), Kalyan Jewellers India (up 0.96%) and Amber Enterprises India (up 0.76%) surged.

Stocks in Spotlight:

Infosys rose 1.06% after the company announced a strategic, long-term collaboration with Valmet, a global technology leader serving process industries. The company will deploy its AI-powered Infosys Topaz Fabric, a composable and open agentic services suite, to embed intelligence across IT operations. Under the agreement, the company will modernize Valmet's core IT services and deliver end-to-end IT transformation initiatives aimed at enhancing operational efficiency and aligning IT operations more closely with business priorities.

Wipro advanced 0.88% after the company announced the launch of its Applied AI Center of Excellence (CoE) for Claude models powered by Anthropic, reinforcing its commitment to accelerating enterprise AI adoption and impact. The CoE, a key initiative under the company's AI-Native Business & Platforms Unit, is aimed at scaling enterprise AI adoption and embedding AI capabilities into core business workflows across industries.

Tata Capital shed 0.66%. The company said that its board of directors has approved a proposal to raise up to Rs 36,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, subject to shareholder approval. The issuance may be undertaken in one or more tranches through one or more categories of instruments, including secured or unsecured NCDs, subordinated debt, perpetual debt instruments, market-linked debentures and green bonds.

Dixon Technologies (India) surged 4.97% after reports indicated that the government may soon approve the company's proposed joint venture with Chinese smartphone maker Vivo. The proposed venture is expected to focus on manufacturing smartphones and other electronic devices in India. Reports suggest Vivo's manufacturing facility in Noida could be brought under the joint venture structure, helping the company strengthen its local manufacturing presence.

Puravankara rose 1.10% after the real estate developer announced the acquisition of a 9.73-acre land parcel in North Bengaluru. The company said the land parcel is located at Sanna Ammanikere in the rapidly developing airport corridor. The project has a development potential of around 0.89 million square feet and an estimated gross development value (GDV) of Rs 800 crore.

Meta Infotech hit an upper circuit of 5% after the company announced the receipt of significant renewal orders from a leading stock exchange and a private sector bank. In a regulatory filing, the company stated that it has secured a renewal order worth Rs 2.20 crore from one of India's leading stock exchanges for software subscription services. The contract covers the period from 23 June 2026 to 22 June 2027 and is scheduled to be executed within 15 days.

Krishna Defence and Allied Industries rallied 8.34% after the company announced a new order from the Ministry of Defence. The company said it has received an order worth Rs 45.64 crore, for the supply of special steel products to be used in a shipbuilding project. According to the company, the order is scheduled to be executed within eight months.

Prime Focus hit the 5% upper circuit after the Securities and Exchange Board of India (SEBI) closed adjudication proceedings against the company, its promoters, directors and chief financial officer.

The case stemmed from SEBI's investigation into two intra-group business transfer transactions undertaken in FY20 and FY22. The regulator had alleged that the accounting treatment adopted for the transactions inflated profits and net worth, resulting in misleading financial statements.

In its final order, SEBI held that the allegations were not established. The adjudicating officer noted that the accounting provisions cited in the show-cause notice applied to the acquiring entity, while Prime Focus was the transferor in the transactions.

Global Market:

Most European market declined as U.K. inflation held at 2.8% in May from 2.8% in April 2026. Britain's Office for National Statistics said Wednesday that transport had been the biggest contributor to rising prices in May, partially offset by falling food and non-alcoholic drink prices. The Bank of England is expected to hold interest rates at 3.75% at its policy meeting on Thursday.

The U.K.'s May print was lower than the euro zone's 3.2% reading for May, and the U.S. May inflation rate of 4.2%.

Most Asian market ended higher Wednesday as traders looked ahead to the US central bank's interest rate decision.

Wednesday's Federal Open Market Committee meeting marks the first one with new Chairman Kevin Warsh at the helm of the U.S. central bank. Investors are largely expecting that the Fed will keep interest rates unchanged at a target range of 3.5% to 3.75%.

Meanwhile, Japan's exports in May grew at their fastest pace since November 2022, rising 17% year on year, driven by robust demand for cars and semiconductors. Growth was higher than the 16.2% figure that was widely reported in the media, and up from the 14.8% in April.

Overnight on Wall Street, the Dow Jones Industrial Average rose to a record high on Tuesday as investors rotated out of chipmakers and into cyclical stocks amid declining oil prices.

The 30-stock index advanced 328.64 points, or 0.64%, for a record close of 51,999.67. It scored a new all-time intraday high of 52,190.29 in the session. The S&P 500 fell 0.57% and ended at 7,511.35, while the Nasdaq Composite pulled back 1.15% to 26,376.34.

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