Stock market today: Nifty 50 ekes out gains; Adani Ports replaces Wipro in BSE Sensex

Top European markets, including the UK's FTSE, France's CAC 40, and Germany's DAX, were successful the greenish with astir fractional a per cent gains erstwhile the Sensex closed.

Sensex opened astatine 76,885.65 against its erstwhile adjacent of 77,209.90 and moved astir 677 points during the session, touching its intraday precocious and debased of 77,423.02 and 76,745.94, respectively. The 30-share scale closed 131 points, oregon 0.17 per cent, higher astatine 77,341.08, with shares of Mahindra and Mahindra, Power Grid and Sun Pharma arsenic the apical gainers.

Shares of IndusInd Bank, Adani Ports and Tata Steel ended arsenic the apical losers successful the index.

The Nifty 50 opened astatine 23,382.30, up from its erstwhile adjacent of 23,501.10, and touched its intraday precocious and debased of 23,558.10 and 23,350, respectively. The scale settled 37 points, oregon 0.16 per cent, higher astatine 23,537.85.

Midcap and smallcap indices besides ended with mild gains but they inactive outperformed the benchmarks. The BSE Midcap scale roseate 0.37 per cent, portion the Smallcap scale ended with a summation of 0.27 per cent.

“Markets stayed volatile up of this week's monthly expiry, arsenic cardinal benchmark indices ended with humble gains aft a crisp autumn successful aboriginal trades amid selective buying successful auto, powerfulness and superior goods shares portion selling successful IT, metallic and lipid and state pared gains. Stocks whitethorn spot crisp gyrating during the week investors would edifice to worth buying successful prime counters," Prashanth Tapse, Senior VP (Research), Mehta Equities, observed.

As galore arsenic 301 stocks, including ICICI Bank, ICICI Lombard General Insurance Company, Cummins India, Indian Hotels Company, Info Edge (India) and Shriram Finance, deed their caller 52-week highs successful intraday commercialized connected BSE.

The wide marketplace capitalisation of the firms listed connected the BSE roseate to astir ₹435.7 lakh crore from astir ₹434.5 lakh crore successful the erstwhile session, making investors richer by astir ₹1.2 lakh crore successful a azygous session.

Adani Ports replaces Wipro successful BSE Sensex

Adani Ports shares entered the BSE Sensex connected Monday, replacing Wipro shares, which were removed from the 30-stock scale arsenic a portion of semi-annual rebalancing.

Adani Ports stock terms ended with a nonaccomplishment of 1.72 per cent astatine ₹1460.20 apiece connected BSE.

The inclusion of Adani Ports & Special Economic Zone shares successful Sensex is estimated to pb to passive inflows worthy $259 million, on with the summation of 14.9 cardinal shares, according to estimates by Nuvama Institutional Equities.

Sensex rejig was announced by BSE earlier, and the existent accommodation is effectual from June 24, wherein Adani Ports, the country’s largest backstage larboard operator, became the archetypal Adani Group institution to articulation the BSE barometer.

Meanwhile, Wipro is expected to spot passive outflows to the tune of $170 million, Nuvama estimates showed. Wipro shares closed astatine ₹490.45 apiece, down 0.02 per cent connected BSE.

Top Nifty 50 gainers today

Shares of Mahindra and Mahindra (up 2.86 per cent), Power Grid (up 2.22 per cent) and Shriram Finance (up 2.17 per cent) ended arsenic the apical gainers among the 30 stocks that ended higher successful the Nifty 50 pack.

Top Nifty 50 losers today

Shares of IndusInd Bank (down 2.42 per cent), Cipla (down 2.19 per cent) and Adani Ports (down 1.70 per cent) ended arsenic the apical losers successful the Nifty 50 index.

Sectoral indices today

Sectoral indices ended mixed today. Among the gainers, Nifty Auto (up 0.87 per cent), Consumer Durables (up 0.75 per cent) and FMCG (up 0.72 per cent) ended with important gains.

Nifty Bank roseate 0.08 per cent, but PSU Bank and Private Bank indices fell 0.66 per cent and 0.12 per cent respectively.

The Nifty Media scale fell 1.87 per cent. The Metal scale ended 0.64 per cent lower.

Expert presumption connected markets

"Despite the marketplace being connected a consolidation path, sectoral churning is disposable successful FMCG and user durables successful anticipation of the fund expectations. Better taxation postulation and dividends from the RBI volition promote the Government of India connected agrarian spending and taxation benefits. In mid- and tiny caps, though the borderline of information successful presumption of valuation remains lacking, investors are keener connected the maturation communicative successful superior goods, infra, auto, etc.," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views connected Nifty 50

Shrikant Chouhan, the caput of equity probe astatine Kotak Securities, pointed retired that aft a gap-down opening, the marketplace took enactment adjacent the 10-day SMA (simple moving average) and bounced backmost sharply.

"On regular charts, it formed a bullish candle, which is mostly positive. We are of the presumption that a larger marketplace texture is inactive non-directional; hence, levels-based trading would beryllium the perfect strategy for time traders," said Chouhan.

"For the time traders now, 23,400/77,000 oregon the 10-day SMA would beryllium the cardinal enactment level. Above the same, the marketplace could rally up to 23,670/77,700. Further upside whitethorn besides continue, which could assistance the marketplace to 23,750/77,900. On the flip side, beneath 23,400/77,000, selling unit is apt to accelerate. Below the same, the marketplace could gaffe to 23,320-23,275/76,800-76,600," said Chouhan.

Jatin Gedia, a method probe expert astatine Sharekhan by BNP Paribas, pointed retired that the Nifty 50, connected the regular charts, has been broadly trading successful the scope of 23,200 – 23,700 for the past 10 trading sessions.

He said dips towards the little bound should beryllium utilized arsenic a buying accidental with a Trailing halt nonaccomplishment of 23,200. The hourly momentum indicator has triggered a affirmative crossover, which is simply a bargain signal.

"We should proceed to thrust the upmove till determination is weakness connected the terms front," said Gedia.

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Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts, and brokerage firms, not Mint. We counsel investors to consult certified experts earlier making immoderate concern decisions.

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Published: 24 Jun 2024, 03:33 PM IST