Stock Market Today: Domestic benchmark equity indexes Sensex and Nifty 50 ended higher on Thursday after some fluctuations during trade, with metal, real estate and banking stocks leading the indices despite a lack of strength globally.
The 30-stock BSE Sensex index rose 141.34 points or 0.18 percent to end at 77,478.93, while the Nifty 50 index rose 51.00 points or 0.22 percent to end at 23,567.00.
Across the broader markets, Nifty Midcap 100 ended up 0.95 per cent and Nifty SmallCap 100 up 0.61 per cent, both outperforming the benchmark indices. Fear index India VIX ended down 2.68 per cent on Thursday.
According to Rajesh Bhosale, Equity Technical and Derivatives Analyst at AngelOne, bulls have taken control of the market since last week, and it has been continuously rising after the temporary confusion seen on the election result announcement day. The price has risen by more than 2,000 points from the panic low of 21,281 on June 4. The bias remains positive, but momentum has slowed down over the past few sessions. The index continues to rise at a gradual pace, but trading activity has shifted out of the index and concentrated in the mid-cap and small-cap stocks that have been performing well. This trend is expected to continue in the coming days. The next important levels to watch are 23,800-23,830, with 23,400-23,300 being immediate support.
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As reported by the Associated Press, European markets opened higher, following global trends. In London, the FTSE 100 rose 0.2% to 8,218.75 as investors awaited the Bank of England’s interest rate announcement scheduled for later in the day. UK inflation fell below the central bank’s 2% target in May for the first time in more than three years, according to data released on Wednesday, but the central bank was expected to keep its key interest rate unchanged at 5.25%, a 16-year high.
Germany’s DAX index rose 0.6% to 18,180.98, while Paris’ CAC 40 index rose 0.6% to 7,612.35.
Asian markets ended mixed on Thursday. Tokyo’s Nikkei rose 0.2% to 38,633.02. Hong Kong’s Hang Seng Index fell 0.5% to 18,335.32. The Hang Seng Technology Index fell 1.7% after rising 3.7% on Wednesday, matching gains from Nvidia. The Shanghai Composite Index fell 0.4% to 3,005.44.
Also Read: Top Gainers and Losers Today, June 20, 2024: Hindalco Industries, Grasim Industries, Hero MotoCorp, Sun Pharmaceutical Industries are the most active stocks. Check the full list here.
Nifty 50 Top 50 Gainers and Losers
In the Nifty 50 index, 28 stocks rose, 21 fell and one remained unchanged.
Hindalco Industries (up 2.34%), Grasim Industries (up 2.20%), JSW Steel (up 1.86%), Bharat Petroleum Corporation (up 1.82%) and Adani Ports and Special Economic Zone (up 1.54%) were among the top gainers. Meanwhile, Hero MotoCorp (down 2.40%), Mahindra & Mahindra (down 2.04%), Sun Pharmaceutical Industries (down 1.80%), HDFC Life Insurance (down 1.04%) and NTPC (down 1.03%) were among the small losers.
Today’s Sector Indexes
Sector-wise, Nifty Metal, Realty, Private Bank, Banks, Financial Services, Oil & Gas and Consumer Durables rose while Nifty Auto, PSU Bank and Pharma fell. Nifty IT and FMCG ended flat.
Also read: Public sector stocks: Valuation premium likely to sustain, says MOSFL; SBI, Coal India, GAIL among top 5 preferred public sector stocks
Market Experts’ Opinion
Vinod Nair, head of research, Geojit Financial Services, said domestic markets ended the day on a positive note despite significant volatility. In the short term, market attention is expected to be focused on the impending Union Budget and monsoon season. On the global scale, lower US Treasury rates are expected to attract large inflows from foreign investment institutions (FIIs) in the last few days. Fertiliser stocks surged, driven by the expected GST removal and MSP hike.
Technical insight
Rahul Ghose, CEO, Hedged.in, said that Nifty 50 spot is struggling to surpass the day’s opening price trading in the range of 23,461 to 23,587, indicating that bullish momentum at higher levels is fading. Increased put OI writing at levels below 23,550 indicates that the week’s expiry dates are approaching around these levels. PCR is trading in the 1.07 to 1.15 band, indicating that there is very limited upside room for bulls to make a move on the June series. Nevertheless, a breakout above 23,600 could see Nifty 50 spot test the 24k levels.
Bank Nifty spot is also struggling to rise above the day’s opening range trading in the range of 51,495 to 51,798, indicating that bulls are losing control of the upside. Increased put OI writing at levels below 51,500 indicates strong support for Bank Nifty ahead of June monthly expiry next week. Bank Nifty PCR has fallen to 0.95 levels, indicating that the index has room for upside this week. With Bank Nifty spot trading near the all-time high of 51,955 established yesterday, a downside reaction cannot be ruled out.
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Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not that of Mint. We recommend that you check with a certified professional before making any investment decisions.
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