Stock Market Highlights, June 10: Sensex snaps 3-day winning run, dips 203 pts; IT, HDFC Bank weigh

Stock Market Highlights on June 10: The broader markets, however, stayed afloat with the BSE MidCap, and SmallCap indices adding up to 1 per cent

Closing Bell on Monday, June 10, 2024: After a range-bound session for the large part of the day, Indian benchmark indices ended lower on Monday weighed by IT and select heavyweight shares like HDFC Bank, Maruti Suzuki, Bajaj Finance, and ITC.

The BSE Sensex ended 203 points, or 0.27 per cent, lower at 76,490, while the Nifty50 ended at 31, down 0.13 points or 23,259 per cent. With this, the benchmarks snapped their three-day winning run on the bourses.

Sensex hit a record high of 77,079 earlier today, topping the 77,000-mark for the first time. The Nifty50, too, touched a new peak of 23,412, surpassing the 23,400-mark for the first time ever on Monday. 

Tech M, Infosys, Wipro, M&M, Bajaj Finance, TCS, HCL Tech, Maruti Suzuki, HDFC Bank, Titan Company, and ITC were the top laggards, down in the range of 0.5 per cent to 2.6 per cent.

The broader markets, however, stayed afloat with the BSE MidCap, and SmallCap indices adding 0.56 per cent and 1 per cent, respectively.

Sectorally, the Nifty IT index edged 1.8 per cent lower, followed by the Nifty Metal (down 0.38 per cent). On the upside, the Nifty Media index gained nearly 2 per cent.

3:48 PM

Tech View :: Nifty, Bank Nifty to consolidate in near-term; check key levels

Nifty50
On the daily charts, we can observe that the Nifty touched a new all-time high of 23,412. The Nifty has witnessed ~21,00-point rally from last week. The hourly momentum indicator has triggered a negative crossover suggesting loss of momentum.

Hence, there can be some consolidation in the near-term and the Nifty is likely to drift towards 23,160 – 23,100 over the next couple of trading sessions failing to sustain can lead to a fall to 22,930. On the upside 23,420 – 23,500 is the immediate hurdle zone.

 

Nifty Bank

Bank Nifty witnessed continuation of the pullback and it faced resistance at the 50,250 mark which coincides with 78.6% retracement mark. Thus, the sharp rally seems to be running out of steam and now is poised for consolidation in the near term. Crucial support 49,320 – 49,070 while immediate hurdle is placed at 50,250 – 50,350.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Dial-back of rate cut, guided earlier by Fed, could test market patience'

The Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term.

Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs. Meanwhile, optimism about a rate cut is waning as US economic data points remain healthy.

The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:44 PM

IPO Update :: Ixigo IPO sails through, subscribed 1.6x so far on day 1

3:42 PM

Currency check :: Rupee ends 13 paise weaker vs US dollar

3:41 PM

Broader markets :: Mid, SmallCap indices outshine large-caps

3:40 PM

Sectoral trends :: IT, Metal indices slip, Realty rises over 1%

3:38 PM

Sensex Heatmap :: Tech M, Infy slip up to 2.6%; Ultratech Cement rallies 3%

3:37 PM

Closing Bell :: Nifty ends below 23,300

3:36 PM

Closing Bell :: Sensex slips over 200 pts after hitting record high intraday

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2:53 PM

Global check:: US, UK stock futures decline around 1%

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