Sensex Drops by 203 Pts in Market Pullback, Nifty 23,259

Ira Singh
Khabar Khabaron Ki,10 June’24

The Indian equity market indices snapped a three-day winning streak and ended lower on Monday amid volatility,as investors awaited details on Prime Minister Narendra Modi’s new panel of ministers and their portfolios following yesterday’s swearing-in ceremony.At close,the Sensex was down 203.28 points or 0.27 percent at 76,490.08, and the Nifty was down 30.95 points or 0.13 percent at 23,259.20. About 2381 shares advanced, 1176 shares declined, and 91 shares unchanged.

The Nifty IT index fell nearly 2 percent after surprisingly strong US monthly jobs data dimmed hopes of the US Federal Reserve cutting interest rates anytime soon. Investors now await the outcome of the 2-day Federal Reserve policy meeting and the upcoming US inflation data, both scheduled for June 12, to gain further insight into the future direction of interest rates, say experts.

Highlights of trade:
●IDBI Bank rises 6% on receiving an income tax order for refund,
●Mphasis drops 4% on reports of Blackstone offloading stake,
●Suzlon shares dip 5% after independent director resigns,
●Macquarie maintains a sell rating on Zomato,
●11 of the 13 major sectors logged gains,
●Ixigo IPO opens today

Infosys, Tech Mahindra, and TCS led the decline in Nifty IT, and these stocks were also among the worst hit on Nifty 50.Among individual stocks, UltraTech and Grasim rose over 3.5 percent and 2.8 percent, emerging as the top gainers among Nifty 50 stocks.

On the sectoral front, the IT index fell 1.5 percent, metal down 0.3 percent and oil & gas down 0.2 percent, while realty index gained 1.3 percent, healthcare up 0.7 percent and power was up 0.4 percent.The BSE midcap index rose 0.5 percent while the smallcap index gained 1 percent.

Rupee Close:
On 10th June’24,the Indian rupee depreciated 13 paise to close at 83.51 against the US dollar on Monday,largely due to the rise in the dollar index and US yields.

Forex traders said uncertainty among market players was down as Narendra Modi was sworn in as Prime Minister on Sunday for a record- equalling third term. However, the strength of the American currency in the international market weighed on the local unit.

Trading Guide:
Market experts have recommended buying these five buy or sell stocks- TVS Motor, Trent, Equitas Small Finance Bank, Sobha, and LT Foods