Stock market end mixed; midcap index outperforms

Stock market end mixed; midcap index outperforms

Ira Singh
26 June’23

The Indian equity market ended a rangebound session mixed on Monday,with Sensex closing at 62,970, down 9.37 points or 0.01 percent lower,while the Nifty rising 25.70 points or 0.14 percent to end at 18,691.20.

Globally,stock markets staged largely negative moves as cautiousness emerged among investors following an aborted mutiny in Russia over the weekend. Financial stocks continued to be under pressure on mounting concerns of global interest rates staying higher for longer, according to sources.

Stocks and Sectors

Cipla, Hero MotoCorp, Adani Enterprises, Tata Consumer Products, and Divis Laboratories were top gainers on Nifty, while losers included NTPC, Reliance Industries, TCS, Power Grid Corporation, and Coal India.

On the sectoral front,auto and pharma were up 1 percent each, while FMCG and metal indices saw gains of 0.5 percent each, according to sources.

The BSE midcap index rose 1 percent and smallcap index added 0.7 percent.

On 26th June’23, the Indian rupee falls 9 paise to close at 82.05 against US dollar,dragged by geopolitical concerns and rising crude oil prices.

Experts Take:
Experts believe-“The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia’s status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments,”.

Market experts have recommended six stocks to buy for Monday- Marico, United Spirits, NTPC, BEL, Aditya Birla Capital and Whirlpool.