Indian benchmark indices end losing streak, closing lower on muted global cues

Indian benchmark indices end losing streak, closing lower on muted global cues/ANI

VoM News Desk | June 10, 2024 | 07:21 PM IST | Breaking News | Follow on Google News

Indian benchmark indices end losing streak, closing lower on muted global cues

Indian benchmark indices end losing streak, closing lower on muted global cues

MINT

Sensex Today Live : Indian benchmark indices closed in the red, breaking their streak of three straight sessions of higher closing, as markets were weighed down by muted global cues.

Indian markets had opened at record highs on Monday, but were dragged down by the fading hopes of delayed rate cuts by the US Federal Reserve after better than expected job creation data on Friday raised bets of a delayed rate cut.

Coupled with that were the political developments in Europe, where France’s sitting president Emmanuel Macron called for snap elections after his far-right rival Marine Le Pen’s party defeated his party in the European Parliament election.

In India, Sensex, which had opened at a record high of 76,693.36, climbed higher still to touch a peak of 77,079.04, for the first time. Nevertheless, at close, the 30-stock benchmark index lost some of its steam to close at 76,490.08, down 203.28 points, or 0.27%.

Simiraly, Nifty, which had opened at a high of 23,319.15, created a fresh all-time high of 23,411.90 in intraday trades, but shed some of its gains to close at 23,259.20, down 30.95 points, or 0.13%.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term. Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs. Meanwhile, optimism about a rate cut is waning as US economic data points remain healthy. The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.”

Meanwhile, more than half of the 30 stocks on the BSE Sensex closed in the red. Tech Mahindra, Infosys, Wipro, Bajaj Finance, and Mahindra & Mahindra, were the top drags, while UltraTech Cement, Power Grid Corp., Nestle India, NTPC, and Tata Steel were the top gainers.

That apart, 23 of the 50 stocks on the Nifty 50 closed in the red. Tech Mahindra, Infosys, Wipro, LTIMindtree, and Bajaj Finance, were the top drags, while UltraTech Cement, Grasim Industries, Hero MotoCorp., Cipla, and Power Grid Corp., were the top gainers.

The broader market outperformed the benchmark indices for the day, with the BSE SmallCap gaining 1.04% and the BSE MidCap climbing 0.56% at close.

Across sectors, IT, Metal, Bank, Private Bank, Financial Services and Oil & Gas, closed in the red. The IT index was down 1.83%, followed by the Metal index, which was down 0.38%.

The Bank and Financial Services indices were down 0.04% and 0.05%, respectively.

On the flip side, the Media index had gained the most, followed by Realty and Pharma.

Other notable gainers for the day were the Consumer Durables and Healthcare indices, while Auto and FMCG closed marginally ahead.

(Except the headline, this story has not been edited by VoM News staff and is published from the syndicated feed)

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