Stock market today: Nifty 50 ekes out gains; Adani Ports replaces Wipro in BSE Sensex

Stock market today: Nifty 50 closed with a mild gain of 37 points, or 0.16 per cent, at 23,537.85, while the Sensex ended 131 points, or 0.17 per cent, higher at 77,341.08.

Nishant Kumar
Updated24 Jun 2024, 04:29 PM IST
Stock market today: Nifty 50 closed at 23,537.85, while the Sensex ended at 77,341.08 on June 24.
Stock market today: Nifty 50 closed at 23,537.85, while the Sensex ended at 77,341.08 on June 24.(Agencies)

Stock market today: Thanks to gains in shares of select heavyweights, including Mahindra and Mahindra, ICICI Bank, HDFC Bank and ITC, and largely positive global cues, Indian stock market benchmarks - Nifty 50 and Sensex - managed to end with modest gains on Monday, June 24.

Top European markets, including the UK's FTSE, France's CAC 40, and Germany's DAX, were in the green with about half a per cent gains when the Sensex closed.

Sensex opened at 76,885.65 against its previous close of 77,209.90 and moved about 677 points during the session, touching its intraday high and low of 77,423.02 and 76,745.94, respectively. The 30-share index closed 131 points, or 0.17 per cent, higher at 77,341.08, with shares of Mahindra and Mahindra, Power Grid and Sun Pharma as the top gainers.

Shares of IndusInd Bank, Adani Ports and Tata Steel ended as the top losers in the index.

The Nifty 50 opened at 23,382.30, up from its previous close of 23,501.10, and touched its intraday high and low of 23,558.10 and 23,350, respectively. The index settled 37 points, or 0.16 per cent, higher at 23,537.85.

Midcap and smallcap indices also ended with mild gains but they still outperformed the benchmarks. The BSE Midcap index rose 0.37 per cent, while the Smallcap index ended with a gain of 0.27 per cent.

“Markets stayed volatile ahead of this week's monthly expiry, as key benchmark indices ended with modest gains after a sharp fall in early trades amid selective buying in auto, power and capital goods shares while selling in IT, metal and oil and gas pared gains. Stocks may see sharp gyrating during the week investors would resort to value buying in select counters,” Prashanth Tapse, Senior VP (Research), Mehta Equities, observed.

As many as 301 stocks, including ICICI Bank, ICICI Lombard General Insurance Company, Cummins India, Indian Hotels Company, Info Edge (India) and Shriram Finance, hit their fresh 52-week highs in intraday trade on BSE.

The overall market capitalisation of the firms listed on the BSE rose to nearly 435.7 lakh crore from nearly 434.5 lakh crore in the previous session, making investors richer by about 1.2 lakh crore in a single session.

Adani Ports replaces Wipro in BSE Sensex

Adani Ports shares entered the BSE Sensex on Monday, replacing Wipro shares, which were removed from the 30-stock index as a part of semi-annual rebalancing.

Adani Ports share price ended with a loss of 1.72 per cent at 1460.20 apiece on BSE.

The inclusion of Adani Ports & Special Economic Zone shares in Sensex is estimated to lead to passive inflows worth $259 million, along with the addition of 14.9 million shares, according to estimates by Nuvama Institutional Equities.

Sensex rejig was announced by BSE earlier, and the actual adjustment is effective from June 24, wherein Adani Ports, the country’s largest private port operator, became the first Adani Group company to join the BSE barometer.

Meanwhile, Wipro is expected to see passive outflows to the tune of $170 million, Nuvama estimates showed. Wipro shares closed at 490.45 apiece, down 0.02 per cent on BSE.

Top Nifty 50 gainers today

Shares of Mahindra and Mahindra (up 2.86 per cent), Power Grid (up 2.22 per cent) and Shriram Finance (up 2.17 per cent) ended as the top gainers among the 30 stocks that ended higher in the Nifty 50 pack.

Top Nifty 50 losers today

Shares of IndusInd Bank (down 2.42 per cent), Cipla (down 2.19 per cent) and Adani Ports (down 1.70 per cent) ended as the top losers in the Nifty 50 index.

Sectoral indices today

Sectoral indices ended mixed today. Among the gainers, Nifty Auto (up 0.87 per cent), Consumer Durables (up 0.75 per cent) and FMCG (up 0.72 per cent) ended with significant gains.

Nifty Bank rose 0.08 per cent, but PSU Bank and Private Bank indices fell 0.66 per cent and 0.12 per cent respectively.

The Nifty Media index fell 1.87 per cent. The Metal index ended 0.64 per cent lower.

Expert view on markets

"Despite the market being on a consolidation path, sectoral churning is visible in FMCG and consumer durables in anticipation of the budget expectations. Better tax collection and dividends from the RBI will encourage the Government of India on rural spending and tax benefits. In mid- and small caps, though the margin of safety in terms of valuation remains lacking, investors are keener on the growth story in capital goods, infra, auto, etc.," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that after a gap-down opening, the market took support near the 10-day SMA (simple moving average) and bounced back sharply.

"On daily charts, it formed a bullish candle, which is largely positive. We are of the view that a larger market texture is still non-directional; hence, levels-based trading would be the ideal strategy for day traders," said Chouhan.

"For the day traders now, 23,400/77,000 or the 10-day SMA would be the key support level. Above the same, the market could rally up to 23,670/77,700. Further upside may also continue, which could lift the market to 23,750/77,900. On the flip side, below 23,400/77,000, selling pressure is likely to accelerate. Below the same, the market could slip to 23,320-23,275/76,800-76,600," said Chouhan.

Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, pointed out that the Nifty 50, on the daily charts, has been broadly trading in the range of 23,200 – 23,700 for the last ten trading sessions.

He said dips towards the lower boundary should be used as a buying opportunity with a Trailing stop loss of 23,200. The hourly momentum indicator has triggered a positive crossover, which is a buy signal.

"We should continue to ride the upmove till there is weakness on the price front," said Gedia.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:24 Jun 2024, 04:29 PM IST
HomeMarketsStock MarketsStock market today: Nifty 50 ekes out gains; Adani Ports replaces Wipro in BSE Sensex

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