Indian stock market benchmarks- the Sensex and the Nifty 50- ended lower on Tuesday, June 17, on profit booking in select heavyweights, including HDFC Bank, Reliance Industries and Bajaj Finance amid weak global cues. The Sensex ended the day with a loss of 213 points, or 0.26 per cent, at 81,583.30, while the Nifty 50 closed at 24,853.40, down 93 points, or 0.37 per cent.
Mid-caps and small-caps segments underperformed. The BSE Midcap index fell 0.56 per cent and the Smallcap index declined 0.67 per cent.
The overall market capitalisation of BSE-listed firms dropped to nearly ₹448 lakh crore from nearly ₹450.5 lakh crore in the previous session, making investors poorer by over ₹2.5 lakh crore in a single session.
Indian stock market: 10 key highlights from the day
1. Why did the Indian stock market fall today?
The domestic market ended in negative territory amid heightened concerns over tensions between Israel and Iran. Investors also restricted their bets ahead of the US Federal Reserve’s policy decision on June 18.
“The benchmark equity index experienced moderate losses amid rising risk of an escalation of conflicts in the Middle East ahead of the FOMC meeting. This uncertainty pushed Brent crude prices higher—an unfavourable development for India, given its heavy reliance on oil imports, thereby dampening earnings growth,” Vinod Nair, Head of Research, Geojit Investments Limited, observed.
2. Top gainers in the Nifty 50 index
Only 11 stocks managed to end in the green in the Nifty 50 index, among which Tech Mahindra (up 1.66 per cent), Infosys (up 0.87 per cent) and Asian Paints (up 0.86 per cent) ended as the top gainers.
One stock- Wipro- ended flat.
3. Top losers in the Nifty 50 index
Shares of Adani Enterprises (down 2.31 per cent), Eternal (down 2.06 per cent) and Dr. Reddy’s Laboratories (down 2 per cent) ended as the top losers in the Nifty index.
4. Sectoral indices today
Barring Nifty IT (up 0.72 per cent), all sectoral indices ended lower. Nifty Pharma (down 1.89 per cent), Healthcare (down 1.79 per cent) and Metal (down 1.43 per cent) ended with significant losses.
Nifty Bank (down 0.41 per cent) and Financial Services (down 0.39 per cent) also ended lower.
5. Most active stocks in terms of volume
Vishal Mega Mart (116.13 crore shares), Vodafone Idea (26.42 crore shares) and KBC Global (22.70 crore shares) were the most active stocks in terms of volume on the NSE.
6. Eight stocks jump more than 10% on NSE
Eight stocks, including Cinevista, KBC Global, Kshitij Polyline, Birla Cable and Sterlite Technologies, jumped over 10 per cent on the NSE.
7. 91 stocks hit upper circuits, 70 hit lower circuits
As many as 91 stocks, including TechEra Engineering (India), Cinevista, MMTC, JNK India and KBC Global, hit their upper circuits in intraday trade on the NSE.
On the other hand, 70 stocks, including Suven Life Sciences, Sky Gold and Diamonds and Reliance Power, hit their lower circuits in intraday trade on the NSE.
8. Advance-decline ratio
The advance-decline ratio tilted towards the decliners.
While 939 stocks advanced, as many as 1,946 declined, and 76 remained unchanged on the NSE.
9. Nearly 80 stocks hit their 52-week highs
Some 79 stocks, including Bharat Electronics (BEL), Aditya Birla Capital, Max Healthcare Institute, Muthoot Finance and Solar Industries India, hit their 52-week highs in intraday trade on the BSE.
On the other hand, 48 stocks, including Aditya Vision, Ganesh Benzoplast, Navkar Urbanstructure and Protean eGov Technologies, hit their 52-week lows.
10. Nifty 50 technical view
According to Shrikant Chouhan, the head of equity research at Kotak Securities, a reversal formation on intraday charts and a bearish candle on daily charts indicate temporary weakness.
“We believe that as long as the market is trading below 24,900, the weak sentiment is likely to continue. On the downside, 24,775 would be the immediate support zones for traders. Below this, the market could slip to 24,675-24,625. On the flip side, above 24,900, the sentiment could change. If it moves above this level, it could rally up to 25,000-25,100,” said Chouhan.
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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.