Market Pullback, Sensex falls 33.39 pts, Nifty below 23,300

Ira Singh
Khabar Khabaron Ki,11 Jun’24

The domestic share market indices ended marginally lower on Tuesday, mainly due to weakness in financial stocks, as investors awaited the Federal Reserve’s policy decision and consumer price inflation data scheduled for Wednesday.At close, the Sensex was down 33.39 points or 0.04 percent at 76,456.59 and the Nifty 50 was up 5.60 points or 0.02 percent at 23,264.85. About 2,366 shares advanced, 1,276 shares declined, and 94 shares remained unchanged.

Highlights of trade:
●IndiGo promoters likely sell 2% stake via block deal; stock drops 3%,
●IRB Infra falls 8% as Cintra is likely to sell around 5% stake,
●Morgan Stanley maintains underweight stance on Tata Chemicals,
●Jefferies reiterates a buy rating on ONGC.

ONGC, L&T, and Adani Ports were the top gainers on the Nifty among others, while losers included Kotak Mahindra Bank, Divi’s Labs, and Asian Paints.

On the sectoral front, Nifty Realty and Nifty Media were the biggest gainers, rising over over 1 percent each. Meanwhile, Nifty Pharma and Nifty Healthcare fell the most, declining 0.4 percent and 0.5 percent, respectively. The BSE midcap index rose 0.7 percent while the smallcap index added nearly 1 percent.

Rupee Close:
On 11 June’24,the Indian rupee depreciated 6 paise to close at 83.57 against the US dollar on Tuesday, weighed down by a muted trend in domestic equities and the strength of the American currency in overseas markets.

Forex traders said the US dollar strengthened due to increased demand from oil importers and stronger- than-expected economic data from the US. Moreover, elevated crude oil prices also weighed on the local unit.

Trading Guide:
Market experts have recommended buying these five buy or sell stocks-Zensar Technologies, VA Tech Wabag, PNB, AWL, and LT.