Mumbai (Maharashtra) [India], June 24 (ANI): Stock markets showed resilience on Monday, closing in green after a flat and negative start to the trading day.
The benchmark indices, Sensex and Nifty, rebounded from intraday lows, driven by significant gains in the auto and pharmaceutical sectors.
The BSE Sensex ended the day with an uptick of 131.18 points closing at 77,341.08. Meanwhile, the broader NSE Nifty 50 climbed 36.75 points to finish at 23,537.85.
Both indices initially opened on a cautious note but gathered momentum as the day progressed, reflecting renewed investor confidence.
Throughout the trading session, volatility was a defining feature, with sectors like Auto, Pharma, and FMCG showing notable strength.
The Nifty Auto sector registered gains of 0.44 per cent, while the Pharma sector increased by 0.39 per cent, and FMCG surged by 0.53 per cent.
These sectors’ performance was instrumental in counterbalancing the losses experienced in the Media sector, which faced a steep decline of over 1 per cent.
In the broader markets, the Nifty SmallCap index edged up by a modest 0.06 per cent, and the Nifty MidCap index saw a more robust increase of 0.18 per cent.
These movements underscore a cautiously optimistic sentiment among investors, who are showing a selective preference for mid and small-cap stocks amidst broader market uncertainties.
The Nifty 50 index saw 30 stocks advancing while 20 declined, indicating a mixed yet overall positive market sentiment.
Among the top performers were Mahindra & Mahindra (M&M), Shriram Finance, Grasim Industries, Power Grid Corporation, and Sun Pharma.
M&M benefited from a buoyant auto sector, while Shriram Finance posted strong gains, contributing to the positive momentum in financial services.
Grasim Industries gained due to optimism in the industrial and chemical sectors, and Power Grid Corporation saw a boost from expectations of increased infrastructure spending.
Sun Pharma, a key player in the pharmaceutical sector, ended the day on a high note, reflecting the sector’s overall strength.
On the downside, notable laggards included IndusInd Bank, Cipla, Adani Ports and SEZ, Coal India, and Tata Steel. IndusInd Bank suffered from profit-taking and sector-specific challenges, while Cipla faced selling pressure despite the sector’s gains.
Adani Ports and SEZ experienced a downturn due to broader market concerns over port operations, Coal India declined amid global pressures on fossil fuels, and Tata Steel faced challenges in the metals and mining sector.
Technical analysis suggests that the Nifty has been consolidating within a range of 23,300 to 23,600, indicating a phase of indecisiveness among investors.
Market analysts predict that a breakout above 23,600 could propel the index towards the 24,000 mark in the short term, signaling a bullish sentiment. Conversely, a drop below 23,300 might lead to a downside correction towards 22,750.
Globally, markets presented mixed cues with European shares posting gains, driven by strength in the automobile and banking sectors.
In contrast, Bitcoin experienced a sudden 4 per cent decline, trading at $61,094, highlighting ongoing volatility in the cryptocurrency market.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Oil prices edged higher, fueled by expectations of increased demand during the summer months and ongoing geopolitical tensions. Investor sentiment was bolstered by positive economic indicators, including stable industrial output and optimistic forecasts for the upcoming monsoon season. However, concerns over a potential global economic slowdown and rising inflation continue to loom, keeping investors cautious.”
Despite a rocky start, Indian stock markets managed to close on a positive note, driven by sector-specific gains and encouraging global cues.
Investors will be closely monitoring further market signals and economic developments in the coming days. (ANI)
