📷 Image Credits: Moneycontrol
On June 14, the Sensex and Nifty 50 in India made a notable recovery from early losses, showing positive growth around noon. The Sensex was up 85 points or 0.1 percent at 76,896, while the Nifty 50 rose by 41 points or 0.2 percent to 23,440. The financial services and oil & gas sectors played a significant role in driving this recovery. A total of 2,368 shares advanced, 1,358 shares declined, and 132 shares remained unchanged, indicating overall market stability.
The BSE Midcap gained 0.8 percent and the BSE Smallcap saw an increase of over 1 percent, outperforming the benchmarks. Individual stocks like M&M and Adani Ports showed over 2 percent growth, emerging as the top gainers on the Nifty 50 index. Additionally, the India VIX volatility index eased by 4 percent to 13, indicating a calmer market sentiment.
In terms of sectoral performance, excluding Nifty IT, which fell by 0.8 percent, the remaining 12 sectoral indices were in the green. Nifty Metal and Nifty Auto were the top gainers, rising by 0.9 percent and 0.6 percent, respectively, contributing to the positive trend in the market.
Market analysts are currently anticipating consolidation while waiting for India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Despite high valuations, particularly in the broader market, experts suggest that any significant upward movement may attract selling from FIIs. However, sustained flows into mutual funds and interest from retail investors in buying the dip are expected to keep the market resilient.
Looking ahead, technical analysis points to support levels for Nifty 50 at 23,300, 23,200, and 23,150. On the upside, immediate resistance levels are seen at 23,450, followed by 23,500 and 23,600, presenting a clear picture for traders and investors to make informed decisions.
Key gainers and losers in the market included stocks like Adani Ports, M&M, Shriram Finance, Grasim, BPCL on the positive side, and HCL Tech, TCS, Wipro, Tech Mahindra, NTPC on the negative side. Notable stock movements were observed in Tata Elxsi, which saw a 2 percent gain after announcing a collaboration with Red Hat, and Prestige Estates Projects, surging over 6 percent following a ‘buy’ rating from CLSA.
Overall, the market sentiment remains positive with a recovery from early losses and multiple factors influencing the trajectory of key indices in the Indian stock market.
