Volatility persisted on Dalal Street as Indian benchmark indices, Sensex and Nifty 50, closed the session significantly off the day’s high on Wednesday, 9 June, ending on a mixed note.
Asian peers declined as geopolitical tensions flared up between the US and Iran, resulting in one of the biggest outbreaks of hostilities since the two countries agreed to a ceasefire in April. Iran’s Revolutionary Guards said they had carried out missile and drone attacks on US military bases in Jordan, Kuwait and Bahrain in retaliation for American strikes on Iranian targets around the Strait of Hormuz.
This also drove crude oil prices higher by 1%, which does not bode well for India’s import-oriented economy.
Against this backdrop, BSE barometer Sensex ended the day 625 points from the day’s high at 73,983, up 64 points or 0.09%. The Nifty 50 index at 23,215, down 27 points or 0.12%.
Indian stock market: 10 key highlights
Here are the 10 key highlights from the Indian stock market today:
1. What moved the market today?
Vinod Nair, Head of Research, Geojit Investments, said that the domestic equities ended lower amid weak global cues, as investors turned cautious ahead of a key US inflation print likely to influence the Fed’s policy trajectory.
“Early gains were reversed due to profit booking, while subdued oil prices, despite fresh geopolitical developments, offered limited support. Although domestic bond yields were lower due to steady foreign interest following the recent policy support to debt markets, slowing mutual fund inflows highlighted emerging pressure on equities amid the ongoing geopolitical uncertainties,” he added.
2. Top Nifty 50 gainers
Only 16 Nifty 50 stocks ended in the green today. FMCG majors Nestle India and Hindustan Unilever emerged as the top performers, rising 1.95% and 1.85%, respectively on expectations of price hikes by the companies. Apart from that, the other top gainers were from the banking pack. Axis Bank, Kotak Bank, ICICI Bank and HDFC Bank were the lead winners, with up to a 1.3% rise today.
3. Top Nifty 50 losers
Hindalco was the top loser amid a 3.4% decline. It was followed by Coal India as it lost 3.3%. ONGC, Eternal and SBI Life were other losers, shedding up to 2.3%.
4. Broader markets lag
Broader markets underperformed the benchmark indices today. Nifty Midcap 100 index lost 1.49% and the Nifty Smallcap 100 index lost 1.33%.
5. Sectoral watch
In the sectoral space, FMCG, private banks and financial services were the only gainers. Reports of price hikes by the companies drove the Nifty FMCG index over 1% higher. Meanwhile, the private bank index advanced 0.72% following the RBI’s easing of FCNR(B) and ECB norms.
On the flip side, Nifty Media lost the most by 2.36%. Nifty PSU Bank, Nifty Metal, Nifty Realty, Nifty Consumer Durables and Nifty Oil & Gas lost over 1% each.
6. Most traded stocks
Vodafone Idea was the most active stock by volume on NSE as 73.9 crore shares of the telecom company were traded today. Easy Trip Planners followed with volumes of 65.53 crore shares. Ola Electric, Meesho and Tata Silver ETF were among the other most traded stocks today.
7. Top gainers and losers on NSE
Among top gainers today, 6 stocks ended 20% higher on the NSE. These included penny stock North Eastern Carrying Corporation, Elitecon International, Grand Oak Canyons Distillery, Unichem Labs and Eurotex Industries and Exports. All these stocks ended at their 20% upper price band. Another stock that gained almost 20% was Atal Realtech.
Among top losers, Delphi World Money led as it shed 11.09%. Meanwhile, CMR Green Technologies, which listed today, ended 10% below the opening price as investors booked profits after a stellar listing. Panacea Biotech and Agri-Tech (India) also ended 10% down.
8. Stocks at 52-week high and low
In today’s trade, 82 stocks touched their 52-week highs and 50 slipped to 52-week lows. Among key stocks that touched their one-year highs were Aster DM, Adani Ports, CCL, Data Patterns, Goldiam International, J&K Bank, Neogen, Paisalo Digital and Hawkins Cookers. Some important names at 52-week lows included Dalmia Bharat, HDFC Life, ICICI Prudential Life Insurance and Wipro.
9. Advance-decline ratio
The advance-decline ratio stood at 1:2, meaning that one stock gained for every two that fell. On the NSE, 1038 stocks rose today while 2258 slipped and 82 were unchanged.
10. Nifty tech view
Vatsal Bhuva, Technical Analyst at LKP Securities, said that after forming an inverted hammer candlestick on the daily chart, Nifty witnessed a recovery from lower levels. However, in Wednesday’s session, the index faced strong selling pressure near the 23,400–23,450 zone, he noted.
“The broader trend remains weak as Nifty continues to form lower highs and lower lows. Moreover, the index is consistently trading below its 20-day moving average, indicating that the short-term trend remains under pressure, while RSI remains below the 50 mark, reflecting subdued momentum. Buying interest is visible around the 23,000–23,100 zone, whereas overhead resistance is emerging from the declining short-term moving averages. Hence, a range-bound approach is preferred over a directional view. The expected trading range for Nifty is 23,000–23,550, with 23,200 acting as immediate support, 23,000–23,100 as positional support, and 23,450–23,550 as the key resistance zone,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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