Stock market today: The Indian stock market witnessed some profit booking in the afternoon session on Thursday, 25 June, which made the benchmarks, the Sensex and the Nifty 50, end the day almost flat.
The 30-share pack Sensex dropped 703 points from its intraday high of 77,803.18 to end at 77,100.47, still up 109 points, or 0.14%, from the previous close of 76,991.22.
The Nifty 50 hit an intraday high of 24,261.60 during the session but closed at 24,056, up 34 points, or 0.14%.
While benchmarks extended gains for a second consecutive session, the mid- and small-cap segments faltered. The Nifty Midcap 100 index fell 0.55%, and the Smallcap 100 index declined 0.47%.
Meanwhile, the Indian rupee rose 15 paise to close at 94.40 per dollar.
For the week, the Nifty rose by 0.20%, and the Sensex posted a gain of 0.40%.
What moved the market today?
The market benchmarks rose by a per cent during the session as crude oil prices traded below $75 per barrel and the rupee strengthened. However, profit booking before the long weekend erased most gains.
The Indian stock market will remain closed on Friday, June 26, on account of Muharram.
Even as geopolitical tensions have eased significantly, oil prices have fallen by over 30% from their recent peaks, and the rupee has stabilised, the domestic market is unable to sustain a rally due to uncertainty over the monsoon’s performance in the coming months.
Reports suggest that the cumulative rainfall deficit this year has now widened to 42% below the long-period average.
“The domestic market concluded the day flat, as early intraday gains were offset by profit booking. While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum,” Vinod Nair, Head of Research, Geojit Investments, noted.
Growing speculation of US Federal Reserve rate hikes this year is also weighing on market sentiment, as a Fed rate hike could strengthen the US dollar and accelerate foreign capital outflows from emerging markets like India.
According to Reuters, the CME FedWatch Tool shows traders expect three rate hikes from the US Federal Reserve this year. They see a 67% chance of a September hike.
Top Nifty gainers and losers
Some 25 stocks rose and as many fell in the Nifty 50 index today.
InterGlobe Aviation (IndiGo), Mahindra & Mahindra, and Maruti Suzuki India ended as the top gainers in the Nifty 50 index.
On the other hand, ONGC, Hindalco Industries, and Power Grid Corporation of India ended as the top laggards in the index.
Sectoral indices
Sectoral indices ended mixed today. While Nifty Metal crashed 1.37%, the auto index jumped 2.25%. Nifty IT, Oil and Gas and Consumer Durables dropped more than half a per cent each.
Bank Nifty and the Financial Services index ended flat.
Most traded stocks today
Vodafone Idea, Motherson Sumi Wiring India, Tata Silver Exchange Traded Fund, Tata Gold Exchange Traded Fund, Easy Trip Planners, YES Bank, and Suzlon Energy were the most traded stocks in volume on the NSE.
Nearly 150 stocks hit 52-week highs on the BSE
Adani Enterprises, Apollo Hospitals Enterprise, AU Small Finance Bank, Federal Bank, Samvardhana Motherson International, and Pidilite Industries were among the 148 stocks that hit their 52-week highs in intraday trade on the BSE.
On the flip side, Birlasoft and CSB Bank were among the 58 stocks that hit their 52-week lows on the BSE.
Nifty 50 technical views
According to Sudeep Shah, the head of technical and derivatives research at SBI Securities, the immediate resistance for Nifty is placed in the 24,200-24,250 zone.
Shah said any sustainable move above this zone could result in Nifty extending its pullback towards 24,400, followed by 24,600 in the short term. On the downside, the immediate support for Nifty is placed in the 23,900-23,850 zone.
Vipin Kumar, AVP- Equity Research and PMS at Globe Capital Market, highlighted that the Nifty 50 formed a second consecutive Doji candlestick on the weekly chart, showing indecisiveness among traders or the continuation of the ongoing sideways move in the 23,800–24,260 spot zone.
Kumar believes that a break on either side of the mentioned range will open the floor for a 300–400 point move in that direction.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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