Market closing : M&M, Grasim, Shri Ram Finance shine as Sensex, Nifty end in greens
Jun 24, 2024, 16:30 IST
Both Sensex and Nifty ended the day in green, with Nifty trading at 23,537.85 points, up by 0.16%. BSE Sensex was also up by 0.17%, trading at 77,341.08 points. Mahindra and Mahindra (up by 2.86%), Power Grid Corporation of India (up by 2.22%), Shri Ram Finance (up by 2.17%), Sun Pharma (up by 1.99%), and Grasim (up by 1.96%) were amongst the day's gainers. On the other hand, Cipla (down by 2.19%), IndusInd bank (down by 2.42%), Adani Ports (down by 1.7%) and Tata Steel (down by 1.19%) were amongst the day's losers.
Out of the 2,792 stocks traded during the day, 1,420 saw advances, while 1,276 saw a decline. Around 192 stocks hit their 52-week high price, while 16 stocks hit their 52-week low price. About 155 stocks hit the upper circuit, or maximum price permissible during a trading session, and 69 stocks hit the lower circuit, or minimum price permissible during a trading session.
As per Shrikant Chouhan, Head Equity Research, Kotak Securities, "today, the benchmark indices witnessed positive momentum; the Nifty ends 37 points higher while the Sensex was up by 131 points. Among sectors, selective auto and pharma stocks witnessing buying interest at lower levels, whereas the media index was the biggest loser, as it shed over 1%".
Amongst sectoral indices, IT (down by 0.16%), media (down by 1.87%), metal (down by 0.64%), pharma (down by 0.04%) lost significant ground during the day. Realty, financial services, FMCG, consumer durables and auto ended the day in green.
According to Mr. Aditya Gaggar, Director of Progressive Shares,"right from the beginning, a recovery was seen in the markets but in the absence of a follow-through, the Index stuck in the range to settle the trade at 23,537.85 with gains of 36.75 points."
"On a sectoral front, the Auto and FMCG were the star performers while Media and PSU Banking corrected the most. A mixed trend was observed in the Broader markets where midcaps outperformed the frontline index while smallcaps ended in red. The index reversed from the lower end of the consolidation to form a Green candle with the downside being protected at 23,400 while the higher side is also capped at 23,660. A precise close on either side will provide a clear picture.
Says Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd, "The market began the week with a slight decline but managed to close flat, continuing its consolidation phase. After an initial drop, Nifty gradually climbed in the first half of the session, followed by a range-bound movement until the close, finishing at 23,537.85, up by 0.16%. A similar trend was observed in broader markets, where midcaps closed in the green and smallcaps ended nearly unchanged
"This consolidation in the index appears healthy so far, and we anticipate it will conclude soon. In the meantime, traders should maintain a "buy on dips" strategy, focusing on stock selection, until Nifty breaks below 23,100", he continued.
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Out of the 2,792 stocks traded during the day, 1,420 saw advances, while 1,276 saw a decline. Around 192 stocks hit their 52-week high price, while 16 stocks hit their 52-week low price. About 155 stocks hit the upper circuit, or maximum price permissible during a trading session, and 69 stocks hit the lower circuit, or minimum price permissible during a trading session.
As per Shrikant Chouhan, Head Equity Research, Kotak Securities, "today, the benchmark indices witnessed positive momentum; the Nifty ends 37 points higher while the Sensex was up by 131 points. Among sectors, selective auto and pharma stocks witnessing buying interest at lower levels, whereas the media index was the biggest loser, as it shed over 1%".
Amongst sectoral indices, IT (down by 0.16%), media (down by 1.87%), metal (down by 0.64%), pharma (down by 0.04%) lost significant ground during the day. Realty, financial services, FMCG, consumer durables and auto ended the day in green.
According to Mr. Aditya Gaggar, Director of Progressive Shares,"right from the beginning, a recovery was seen in the markets but in the absence of a follow-through, the Index stuck in the range to settle the trade at 23,537.85 with gains of 36.75 points."
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Says Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd, "The market began the week with a slight decline but managed to close flat, continuing its consolidation phase. After an initial drop, Nifty gradually climbed in the first half of the session, followed by a range-bound movement until the close, finishing at 23,537.85, up by 0.16%. A similar trend was observed in broader markets, where midcaps closed in the green and smallcaps ended nearly unchanged
"This consolidation in the index appears healthy so far, and we anticipate it will conclude soon. In the meantime, traders should maintain a "buy on dips" strategy, focusing on stock selection, until Nifty breaks below 23,100", he continued.