Stock market today: Nifty 50, Sensex settle at record closing highs; ICICI Bank, HDFC Bank top index movers
Stock market today: The Sensex closed 308 points, or 0.40 per cent, higher at 77,301.14, while the Nifty 50 ended the day at 23,557.90, up 92 points, or 0.39 per cent.
Stock market today: The Indian stock market's record-breaking spree continued as key equity indices—the Sensex and the Nifty 50—settled at their fresh record highs on Tuesday, June 18.
Positive global cues influenced sentiment back home, while gains in select heavyweights, including HDFC Bank, ICICI Bank and Power Grid, kept the benchmarks up.
Experts observe that the Indian stock market is witnessing fresh foreign capital inflow amid hopes of rate cuts. This, along with a positive macro outlook and the prospects of a healthy monsoon, underpin positive market sentiment.
“Key benchmark indices continued their record-breaking spree as renewed FII (foreign institutional investors) buying interest coupled with moderating domestic inflation has raised hopes of a rate cut by this year-end," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
"Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity over the next few weeks that would boost consumption, particularly rural areas, and prop up overall growth in the remaining quarters of this fiscal,” said Tapse.
The Nifty 50 remained in the green for the fifth consecutive session, rising nearly 5 per cent for June so far, as investors remain positive about the Indian stock market's medium—to long-term prospects. With elections over, market focus has shifted to the upcoming Budget, macroeconomic prints, global cues, and stock fundamentals.
On Tuesday, Sensex hit its fresh all-time high of 77,366.77 during the session and closed 308 points, or 0.40 per cent, higher at 77,301.14. Nifty 50 hit its fresh all-time high of 23,579.05 during the session and ended 92 points, or 0.39 per cent, higher at 23,557.90.
Both the frontline indices ended at their fresh closing highs.
In terms of index contributions, shares of ICICI Bank, HDFC Bank, Power Grid, Infosys, Mahindra and Mahindra and Axis Bank ended as the top contributors to the gains in the Nifty 50 index.
Mid and smallcap indices outperformed the benchmarks; the BSE Midcap and Smallcap indices closed 0.43 per cent and 0.96 per cent higher, respectively.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹437.2 lakh crore from nearly ₹434.9 lakh crore in the previous session, making investors richer by about ₹2.3 lakh crore in a single session.
As many as 384 stocks, including Mahindra and Mahindra, Tata Steel, Bajaj Auto, Cipla, DMart, Eicher Motors and Hero MotoCorp, hit their fresh 52-week highs in intraday trade on BSE.
Top Nifty 50 gainers today
Shares of Shriram Finance (up 3.22 per cent), Power Grid (up 3.13 per cent), Wipro (up 2.94 per cent) and ICICI Bank (up 1.82 per cent) ended as the top gainers in the Nifty 50 index.
Top Nifty 50 losers today
Shares of Maruti Suzuki (down 2.14 per cent), Dr. Reddy's Laboratories (down 1.60 per cent) and UltraTech Cement (down 1.09 per cent) ended as the top losers in the index.
Sectoral indices today
Nifty Realty (up 1.88 per cent), Consumer Durables (up 1.59 per cent) and Private Bank (up 1.10 per cent) indices ended with significant gains.
Nifty Bank closed 0.88 per cent higher, while the PSU Bank index rose 0.25 per cent.
On the other hand, Nifty Media (down 0.64 per cent), Pharma (down 0.35 per cent) and Metal (down 0.22 per cent) featured among the losers.
Expert views on markets
"The Indian market touched record highs again and is gradually expanding the gains achieved following the national election. It is responding positively to the upcoming Budget, which is anticipated to strike a balance between growth and populism," said Vinod Nair, Head of Research, Geojit Financial Services.
"It is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Market volatility has decreased over the month, which is contributing to a short-term trend," Nair said.
Ajit Mishra, SVP of research at Religare Broking, anticipates the prevailing trend to persist, with Nifty 50 gradually moving towards the 24,000 level.
"Renewed strength in the banking index supports our bullish outlook. Therefore, we recommend maintaining a 'buy on dips' strategy, focusing on stocks demonstrating higher relative strength," said Mishra.
Technical views on Nifty 50
According to Shrikant Chouhan, the head of equity research at Kotak Securities, after a gap-up opening, the market held positive momentum throughout the day. On daily and intraday charts, it is holding a higher high and higher low formation, which supports a further uptrend from the current levels.
"For the trend-following traders now, 23,500/77,000 would be the key support level. As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, the market could rally up to 23,700-23,750/77,600-77,800. On the other side, below 23,500/77,000, the sentiment could change. Below this, traders may prefer to exit from the trading long positions," said Chouhan.
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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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