📷 Image Credits: BusinessLine
The Indian equity benchmark indices Sensex and Nifty halted their record-breaking rally on June 21, 2024, succumbing to selling pressure fueled by a bearish trend in global markets. The BSE Sensex declined by 269.03 points, snapping its six-day rally, to settle at 77,209.90, while the Nifty hit a record intraday peak of 23,667.10 before slipping 65.90 points to end at 23,501.10.
Key sectors such as oil & gas, capital goods, and FMCG stocks experienced reduced investor exposure. Among the 30 Sensex companies, notable laggards included UltraTech Cement, Larsen & Toubro, and Reliance Industries, while Bharti Airtel, Infosys, and Tata Consultancy Services stood out as significant gainers.
Foreign institutional investors bought equities worth Rs 415.30 crore, adding to the market dynamics. Additionally, global oil benchmark Brent crude saw a decline, further impacting market sentiments.
Vinod Nair, Head of Research at Geojit Financial Services, mentioned that the market witnessed minor profit booking amid concerns over slow progress of the monsoon, leading to underperformance in the FMCG sector.
Furthermore, the relentless pressure from global markets added to the overall selling trend in the domestic market. Attention was focused on upcoming GST meetings, discussing potential GST rate rationalization.
As the Sensex and Nifty faced a pause in their winning streak, market participants closely monitored the shifting dynamics amidst global economic pressures.