Stock market closing: UltraTech, Wipro and NTPC shine as Sensex, Nifty close in green

Both Sensex and Nifty closed the day in green, with Nifty breaching the 24,000-mark and closing at 24,044.50 points, up by 0.74%, and Sensex closing at 79,243.18 points, up by 0.72%. Among sectoral indices, pharma, PSU bank and realty ended in red, while media saw a significant dip, and was down by 1.35% at the closing of trade. On the other hand, IT managed to make significant gains, inching up by 2.03%.

Ultratech cement (up by 5.45%), LTIMindtree (up by 3.58%), Grasim (up by 3.24%) were amongst the biggest gainers of the day. The stocks were trading at Rs 11,749.85, Rs 5,363.1 and Rs 2,635 respectively. On the other hand, LT (down by 1.11%), Shri Ram Finance (down by 0.97%) and Eicher Motors (down by 0.58%) lost significant ground during the day. The stocks closed the day at Rs 3,563, Rs 2,960 and Rs 4,712.05 respectively. Except for smallcaps and microcaps, which ended the day in red, most broad-based indices managed to stay in green post the trading session concluded for the day.
UltraTech, Grasim, NTPC biggest gainers
Out of the 2,756 stocks traded today, 971 stocks saw advances, while 1,705 declined, and 80 remained unchanged. 167 stocks hit their 52-week high price, while 15 stocks also hit their 52-week low. 92 stocks managed to hit the upper circuit during the day, while 84 stocks remained in the lower circuit during today's trading.

According to Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd, "After a flat start, the Nifty edged higher amid volatility and crossed the new milestone of 24,000. Most sectors aligned with this movement, with IT and energy among the top gainers. Meanwhile, broader indices showed mixed results, as midcap stocks closed in the green while smallcap stocks lost over half a percent".

"The rotational buying across key sectors is contributing to the index's steady rise, and we expect this trend to continue. Following the banking sector, we anticipate that IT and FMCG will play crucial roles in maintaining the positive momentum. With the Nifty crossing the 24,000 mark, we see potential for it to test 24,500, with support around the 23,600 level. Participants should align their positions accordingly and look for buying opportunities on dips", he continued.
Midcaps and small caps continue to lag
Mr. Aditya Gaggar, director of Progressive Shares noted that Indian equities extended their positive momentum by commencing the monthly expiry day on a strong note.

"Banking counters continued to surge higher but a sudden fall in the mid and smallcap segments dragged the index lower; however, the IT counters came to the rescue and helped the Index surpass the psychological barrier of 24,000. With gains of 175.70 points, Nifty50 settled the trade at 24,044.50. Apart from IT, energy segment outperformed while media and PSU Banks were the laggards. Once again mid and smallcaps underperformed. On the daily chart, Nifty50 has formed 4th consecutive strong bullish candle which indicates overstretched upmove; buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240 while a level of 23,800 will act as strong support", he noted.
Gold losing sheen?
The prices of yellow metal, often seen as a safe haven against market volatilities, continued to stay muted. Mr. Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd noted that gold prices continued to remain subsided in the recent weeks with prices trading at two weeks lows at around $2300/oz mark in the international markets. On the MCX, gold prices are trading at around Rs.71000/10 gm's mark as on 27th June.

"Markets are focused on the economic data releases this week such as the US Feds preferred inflation measure and the US Q1GDP data to be released that will decided the trends in the yellow metal in the trading sessions ahead. We expect gold prices to trade lower in the sessions ahead. $2275/oz in the international markets and Rs.70400/10 gm's in the Indian markets seems to be the next trading zones for the week ahead", he explained.