In a day of volatile trading, India's benchmark indices Nifty and Sensex ended the session flat as investors booked partial profits. The Nifty closed at 24,316, down 0.03 percent, while the Sensex also shed 0.03 percent to end at 79,897.
Despite this, market sentiment remains positive with a keen eye on the upcoming earnings season and the eagerly anticipated 2024 Union Budget on July 23.
Experts suggest that this correction is typical, particularly following the market's sharp recovery post-elections. They believe there's still room for further rallies in the coming months.
The broader markets outperformed the headline indices, with the midcap and smallcap indices continuing their positive run.
The midcap index rose 0.3 percent, while the smallcap index climbed 0.6 percent.
Since the beginning of June, the midcap index has surged over 10 percent, and the smallcap index has jumped nearly 13 percent.
Market breadth was positive with 1,958 shares advancing, 1,438 shares declining, and 83 shares remaining unchanged.
The volatility index, VIX, also known as the fear gauge, eased by 3.5 percent to close below 14, indicating reduced market volatility. Among sectoral indices, the realty sector was the worst performer, ending over a percent lower.
Major contributors to this decline were Macrotech Developers and Brigade Enterprises.
The healthcare and pharma sectors followed, falling nearly one percent. Conversely, bank stocks recovered from early losses to close 0.2 percent higher. The FMCG sector emerged as the top performer, driven by gains in ITC and Procter & Gamble.
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