nifty-closes-in-green-after-hitting-fresh-record

In a session marked by fluctuating intraday gains, the Indian stock market closed at record highs on Monday, with both the Nifty and Sensex reaching new milestones.

 

The Sensex ended the day up 204 points, or 0.3 percent, at 76,810, while the Nifty gained 76 points to close at 23,398. Despite these achievements, the indices pared back from their intraday peaks, indicating some investor caution in the market.

 

Throughout the trading day, 2,046 shares advanced, 1,370 declined, and 83 remained unchanged, reflecting a mixed sentiment among investors. The Nifty recorded an intraday high of 23,481, while the Sensex surged to 77,145 during the day, showcasing the underlying strength of the market.

 

However, the market saw a slight drag from sectors such as FMCG, energy, and banking. The PSU Bank index, along with Nifty Bank and Private Bank, experienced mild declines. Despite this, the indices managed to maintain positive territory by the close of the session.

 

Top gainers on the Nifty 50 included Shriram Finance, HDFC Life, Divis Labs, and M&M, each rising between 3 to 5 percent.

 

On the other hand, HUL, Britannia, Axis Bank, and Eicher Motors were among the worst-performing stocks, experiencing declines ranging from 1 to 2 percent.

 

Sector-wise, Nifty Realty and Nifty IT emerged as the major gainers, rising by 2 percent and 1 percent, respectively. Conversely, Nifty Media and Nifty FMCG experienced declines of 1 percent and 0.6 percent, respectively.

 

Looking ahead to June 14, market analysts expressed mixed sentiments. Ajit Mishra, Senior Vice President of Research at Religare Broking, highlighted a continuation of the ongoing trend, with a recommendation to focus on stock-specific trading. Mishra suggested looking into themes such as agriculture-related, sugar, chemicals, and select defense stocks for long positions.

 

Vinod Nair, Head of Research at Geojit Financial Services, noted that the domestic benchmark traded with a modest gain, influenced by domestic CPI data indicating a slow decline in inflation.

 

He also pointed out the mixed effect of the US CPI on global markets and highlighted the realty and consumer durables sectors as leaders, driven by government initiatives to revive affordable housing.