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Sensex, Nifty break winning streak on global cues

With the Lok Sabha elections and government formations now complete, the focus has shifted to global cues and market fundamentals. Concerns over high valuations, delayed rate cuts, and a lack of fresh positive triggers continue to limit the market's upside.

News Arena Network - Mumbai - UPDATED: June 10, 2024, 05:51 AM - 2 mins read

Indian stock market benchmarks, the Sensex and the Nifty 50 - snapped their three-day winning run on Monday, as profit booking at higher levels amid weak global cues weighed on the indices.

Sensex, Nifty break winning streak on global cues


Indian stock market benchmarks, the Sensex and the Nifty 50 - snapped their three-day winning run on Monday, as profit booking at higher levels amid weak global cues weighed on the indices.

 

With the Lok Sabha elections and government formations now complete, the focus has shifted to global cues and market fundamentals. Concerns over high valuations, delayed rate cuts, and a lack of fresh positive triggers continue to limit the market's upside.

 

Following the Reserve Bank of India's decision to maintain the status quo on the repo rate and policy stance on Friday, all eyes are now on the US Federal Reserve's decision this Wednesday.

 

However, after the surprisingly strong US monthly jobs data for May, expectations for a rate cut from the Fed remain low.

 

Both the Sensex and the Nifty 50 opened higher and hit fresh record highs in intraday trade but eventually ended lower on profit booking and weak global cues.

 

Major European markets saw a selloff, impacting Asian markets as well. This followed French President Emmanuel Macron's surprise announcement to dissolve the parliament and call for fresh elections later this month.

 

The Sensex opened at 76,935.41 against its previous close of 76,693.36 and hit a fresh record high of 77,079.04 during the session.

 

The index closed with a loss of 203 points, or 0.27%, at 76,490.08. Similarly, the Nifty 50 opened at 23,319.15 against its previous close of 23,290.15, reaching an all-time high of 23,411.90 before closing 31 points, or 0.13%, lower at 23,259.20.

 

However, mid- and small-cap indices bucked the trend, continuing to see buying interest. The BSE Midcap index rose 0.56%, while the Smallcap index jumped 1.04%.

 

Consequently, the overall market capitalization of BSE-listed firms increased to nearly ₹425 lakh crore from ₹423.5 lakh crore in the previous session, making investors richer by about ₹1.5 lakh crore in a single session.

 

Top Nifty 50 gainers were Ultra tech cement, Grasim industries and hero motoCorp while Tech Mahindra, Infosys and Wipro were among the losers.

 

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