Stock market today: Nifty 50, Sensex snap 3-day winning run amid weak global cues; mid, smallcaps outperform
Stock market today: Nifty 50 closed 31 points, or 0.13 per cent, lower at 23,259.20, while the Sensex ended with a loss of 203 points, or 0.27 per cent, at 76,490.08.
Stock market today: Indian stock market benchmarks - the Sensex and the Nifty 50 - snapped their three-day winning run on Monday, June 10, on profit booking at higher levels amid weak global cues.
With the Lok Sabha elections and government formations now complete, the focus shifts to global cues and market fundamentals.
Concerns over high valuations, delayed rate cuts, and a lack of fresh positive triggers continue to limit the market's upside.
After the RBI maintained a status quo on the repo rate and policy stance on Friday, all eyes are now on the US Fed decision on Wednesday this week. However, after the surprisingly strong US monthly jobs data for May, hopes are low that the US Fed will cut rates anytime soon.
After opening higher, both the Sensex and the Nifty 50 hit their fresh record highs in intraday trade but eventually ended lower on profit booking, tracking weak global cues.
On Monday, major European markets witnessed a selloff, which also roiled sentiment in Asian markets. This followed French President Emmanuel Macron's surprise announcement that the parliament would be dissolved and a fresh election would take place later this month.
Sensex opened at 76,935.41 against its previous close of 76,693.36 and hit its fresh record high of 77,079.04 during the session. The index finally closed with a loss of 203 points, or 0.27 per cent, at 76,490.08.
The Nifty 50 opened at 23,319.15 against its previous close of 23,290.15 and hit its fresh all-time high of 23,411.90. The index closed 31 points, or 0.13 per cent, lower at 23,259.20.
However, the mid- and small-cap indices bucked the trend and continued witnessing buying interest. The BSE Midcap index rose 0.56 per cent, while the Smallcap index jumped 1.04 per cent.
Thanks to gains in the mid-and small-cap segments, the overall market capitalisation of the BSE-listed firms rose to nearly ₹425 lakh crore from nearly ₹423.5 lakh crore in the previous session, making investors richer by about ₹1.5 lakh crore in a single session.
Top Nifty 50 gainers today
UltraTech Cement (up 3.26 per cent), Grasim Industries (up 2.43 per cent) and Hero MotoCorp (up 2.30 per cent) ended as the top gainers among the 27 stocks that ended in the green in the Nifty 50 index.
Top Nifty 50 losers today
Shares of Tech Mahindra (down 2.66 per cent), Infosys (down 2.31 per cent) and Wipro (down 1.88 per cent) closed as the top losers in the Nifty 50 index.
Sectoral indices today
Nifty IT lost 1.83 per cent on profit booking after recent gains as rate cut hopes waned. On the other hand, Nifty Media (up 1.86 per cent), Realty (up 1.32 per cent), and Pharma (up 1 per cent) closed with significant gains.
Nifty Bank slipped 0.04 per cent, while the Private Bank index declined 0.09 per cent. The Nifty PSU Bank index, however, ended 0.71 per cent higher.
Experts' views on markets
According to Vinod Nair, the head of research at Geojit Financial Services, the Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term.
"Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs. Meanwhile, optimism about a rate cut is waning as US economic data points remain healthy. The Fed is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience," said Nair.
Technical views on Nifty 50
Shrikant Chouhan, the head of equity research at Kotak Securities, observed that after a positive opening, the market hovered between 23,230 to 23,400/76,400-77,000 throughout the session.
Intraday rangebound activity and a small bearish candle on daily charts after a strong rally indicate indecisiveness between the bulls and bears.
"For the day traders now, 23,400/77,000 would be the immediate resistance level. The correction formation will likely continue as long as the market trades below the same. Below the same, the market could slip to 23,100-23,025/76,100-76,000. On the flip side, after the 23,400/77,000 breakout, the index could move up to 23,500-23,520/77,300-77,400. Contra traders can take long bets near 23,025/76,000 with a strict 30/100 points stop loss," said Chouhan.
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