Stock market today: Sensex ends up 141.34 points, Nifty 50 above 23,500; metal, realty, bank stocks shine; auto drags

Stock market today: The domestic benchmark equity indices, Sensex and Nifty 50, ended Thursday's session in green after struggling through some volatility during the trade. Metal, real estate, and bank stocks led the indexes, despite a lack of strong global indications.

The 30-share BSE Sensex ended higher by 141.34 points or 0.18% at 77,478.93 level while the Nifty 50 closed at 23,567.00 level, up 51.00 points or 0.22%.

On the broader market front, the Nifty Midcap 100 closed 0.95% higher, while the Nifty SmallCap 100 ended up 0.61%, both outperforming the benchmark indices. The fear gauge index, the India VIX closed 2.68% lower on Thursday. 

According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, since last week, bulls have regained control of the market, continuously moving higher after the hiccup seen on Election Results Day. Prices have climbed more than 2,000 points from the panic low of 21,281 made on June 4th. The bias remains positive; however, in the last few sessions, momentum has slowed down. While the index continues to rise at a slower pace, trading activity has shifted outside the index, focusing on mid-cap and small-cap spaces that are performing well. Going ahead, expect this trend to continue. The next key level to watch would be 23,800–23,830, whereas 23,400–23,300 is immediate support. 

Also Read: Rupee falls to record low against US dollar; weakens past 83.60/$

Tracking global cues, according to an AP news report, European markets opened higher. In London, the FTSE 100 rose 0.2% to 8,218.75 as investors awaited the Bank of England's policy rate announcement later in the day. The central bank was anticipated to maintain its main interest rate at a 16-year high of 5.25%, despite statistics released Wednesday showing that British inflation fell below the central bank's 2% target in May for the first time in over three years.

The DAX in Germany jumped 0.6% to 18,180.98, while the CAC 40 in Paris increased by 0.6% to 7,612.35.

Asian markets closed on Thursday with a mixed performance. In Asian trade, Tokyo's Nikkei 225 index rose 0.2% to 38,633.02. The Hang Seng in Hong Kong fell 0.5% to 18,335.32. The Hang Seng technology index fell 1.7% after rising 3.7% on Wednesday, matching Nvidia's gains. The Shanghai Composite index fell 0.4%, reaching 3,005.44.

Also Read: Top Gainers and Losers today on 20 June, 2024: Hindalco Industries, Grasim Industries, Hero Motocorp, Sun Pharmaceutical Industries among most active stocks; Check full list here

Top Nifty 50 Gainers and Losers

As many as 28 stocks settled in the green in the Nifty 50 index while 21 ended in red, and 1 unchanged.

Shares of Hindalco Industries Ltd (up 2.34%), Grasim Industries Ltd (up 2.20%), JSW Steel Ltd (up 1.86%), Bharat Petroleum Corporation Ltd (up 1.82%) and Adani Ports and Special Economic Zone Ltd (up 1.54%) ended as top gainers. On the other side, Hero MotoCorp Ltd (down 2.40%), Mahindra & Mahindra Ltd (down 2.04%), Sun Pharmaceutical Industries Ltd (down 1.80%), HDFC Life Insurance Ltd (down 1.04%), and NTPC Ltd (down 1.03%) were among the laggards.

Sectoral indices today

On the sectoral front, Nifty Metal, Realty, Private banks, Banks, Financial services, Oil & Gas, Consumer Durables ended in green, while Nifty Auto, PSU Bank, and Pharma ended in red. Nifty IT, and FMCG ended flat. 

Also Read: PSU stocks: Valuation premiums likely to sustain, says MOSFL; SBI, Coal India, GAIL among 5 preferred PSU stock picks

Market Expert Views 

According to Vinod Nair, Head of Research at Geojit Financial Services, despite tremendous volatility, the domestic market ended the day favourably. In the short term, market attention is anticipated to be focused on the impending Union budget and the monsoon season. On a global scale, the drop in US bond rates has allowed for significant FII inflows in recent days. Fertilizer stockpiles rose sharply, boosted by the anticipated GST removal and MSP rise.

Technical Views 

Rahul Ghose, CEO of Hedged.in stated that the Nifty 50 spot struggle to hold above the day’s opening range, which is trading in the range of 23,461 to 23,587, which indicates the bullish momentum is fading out at higher levels. The increased writing of the put OI at 23,550 and below levels indicated the weekly expiry around these levels. The PCR traded in the band of 1.07 to 1.15 levels, indicating the upside space is very limited for the bulls to play around in the June series; nonetheless, if there is any breakout above 23,600, the Nifty 50 spot has the potential to test 24k levels.

The Bank Nifty spot also struggled to hold above the day’s opening range, which is trading in the range of 51,495 to 51,798, indicating the bulls are losing their grip on the upside. The increased writing of the put OI at 51,500 and below levels, indicates strong support for Bank Nifty for the June monthly expiry next week. The Bank Nifty PCR dropped to 0.95 levels, indicating the index has room on the upside for this week. Bank Nifty spot trading in proximity to ATH 51,955 established yesterday, where the reaction on the downside can’t be ruled out.

Also Read: Jefferies projects Nykaa's CAGR at 20% between FY24 and FY27; sees 28% upside in stock in base case

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.