📷 Image Credits: Benzinga India
Hindalco Industries emerged as the top gainer in the Nifty 50 index on June 20, amidst a volatile trading session that saw the benchmark indices experiencing fluctuations. The Nifty 50 closed 0.22% higher at 23,567, marking a recovery from the previous day’s decline. Deepak Jasani, head of retail research at HDFC Securities, noted that the market rebounded from the previous day’s fall, ending on a positive note. The session was characterized by significant volatility, with market experts closely monitoring factors such as the upcoming Union budget and the progress of the monsoon.
Vinod Nair, head of research at Geojit Financial Services, highlighted the robust Foreign Institutional Investments (FII) inflows in recent days, supported by a decline in US bond yields. The positive market sentiment was also driven by the momentum observed in fertilizer stocks following the proposed removal of GST and increase in minimum support prices (MSP). Hindalco Industries led the gainers chart with a notable 2.13% surge, closing the day at ₹676.5.
On the flip side, Hero MotoCorp emerged as the biggest loser, witnessing a 2.53% decline and closing at ₹5504.6. Other notable losers included Sun Pharma, Mahindra & Mahindra, NTPC, and Wipro, with varying degrees of decline. Notable gainers besides Hindalco Industries included Grasim Industries, Bharat Petroleum, JSW Steel, and Adani Ports, showcasing positive performance in the market.
The broader market indices outperformed the Nifty 50, underscored by an advance-decline ratio of 1.86:1. The upbeat sentiment was further evident in the gains posted by Grasim Industries, which saw a 2.11% rise, closing at ₹2498.8. Overall, the market dynamics reflected a mix of gains and losses, with various sectors showcasing resilience or weakness in response to the day’s events. The overall market outlook remains positive, with analysts closely watching for key triggers that could influence future market movements.
