Stock Market Update: Intraday Gains for NIFTY50 and SENSEX on June 20, 2024:- On Thursday, June 20, 2024, the Indian stock market witnessed a positive trading session, with both the NIFTY50 and SENSEX closing in the green. Traders and investors focusing on intraday opportunities found promising signals as the major indices recorded modest gains.
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| Stock Market Update: June 20, 2024 |
NIFTY50 and SENSEX Performance
The NIFTY50 index closed up by 0.22%, gaining 51 points to end the day on a high note. The SENSEX also registered a positive movement, closing at 77,478, up by 0.18%. Meanwhile, the Bank Nifty surged by 0.75%, settling at 51,783. The India VIX saw a significant decline of 2.68%, dropping to 13.35, indicating a decrease in market volatility.
Market Sentiment and Sectoral Performance
Despite the uptick in the NIFTY50, the share market lacked follow-through buying as traders opted to stay cautious ahead of Finance Minister Sitharaman’s meeting with industry representatives. On the daily chart, the NIFTY50 formed an inside bar, suggesting consolidation as the price traded within the previous day's range. However, sector-specific actions, particularly in Agri-related stocks and fertilizers, showcased significant optimism due to the MSP hike.
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Top Gainers and Losers in the NIFTY50
Out of the NIFTY50 stocks, 28 advanced, 21 declined, and one remained unchanged. The top gainers were:
- Hindalco (+2.34%)
- Grasim (+2.20%)
- JSW Steel (+1.86%)
- BPCL (+1.82%)
- Adani Port (+1.54%)
On the downside, the top laggards included:
- Hero MotoCorp (-2.40%)
- M&M (-2.04%)
- Sun Pharma (-1.80%)
- HDFC Life (-1.04%)
- NTPC (-1.03%)
Index Movers
Key pullers of the NIFTY50 index included:
- Reliance (+24.34 pts)
- ICICI Bank (+19.36 pts)
- HDFC Bank (+16.04 pts)
- Axis Bank (+7.31 pts)
- Kotak Bank (+6.11 pts)
Conversely, the main draggers were:
- M&M (-12.99 pts)
- Bharti Airtel (-6.73 pts)
- SBI (-6.71 pts)
- Sun Pharma (-6.62 pts)
- NTPC (-4.04 pts)
Broader Indices and Market Breadth
The broader markets mirrored the positive sentiment with the Nifty Midcap 100 closing up by 0.95% and the Nifty Smallcap 100 gaining 0.61%. The market breadth was notably strong, with 1,737 advancing stocks outnumbering the declining ones on the NSE.
Sectoral Indices Performance
All sectoral indices ended in the green, with the top three gainers being:
- Nifty Realty (+2.02%)
- NIFTY Metal (+1.82%)
- Nifty Private Bank (+1.16%)
The laggards, although in the green, included:
- Nifty Pharma (-0.51%)
- NIFTY Auto (-0.45%)
- Nifty PSU Bank (-0.27%)
Global Market Overview
The global market presented a mixed picture. While the Nikkei 225 gained 0.29% and the Kospi advanced by 0.37%, the Shanghai Index fell by 0.42% and the Hang Seng declined by 0.63%. At 4:03 PM IST, the Dow Jones Futures were trading up by 38 points at 39,325, indicating a positive start for the US markets.
Conclusion
Thursday's trading session on June 20, 2024, reflected cautious optimism in the Indian stock market. Intraday traders and investors focused on stock-specific actions, particularly in the agri-related sector, while keeping an eye on the upcoming meeting with the Finance Minister. As the markets continue to navigate through global and domestic cues, staying updated with sectoral movements and broader market trends will be crucial for making informed trading decisions.
For more insights and updates on the share market, stay tuned to our blog and keep refining your trading strategies based on the latest market trends.
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