India’s benchmark stock indices started the day on a positive note, influenced by mixed global signals and the commencement of the June quarter earnings season. The Sensex began at 77,005.51, up by 277.14 points, while the Nifty opened at 24,032.05, showing an increase of 85.80 points.
Nifty Realty emerged as the top gainer among sectoral indices, climbing by 0.54%. Nifty Private Bank and Nifty Auto also saw gains of up to 0.45%. Notable buying activity was observed in sectors like chemicals, PSU banks, oil and gas, consumer durables, and healthcare stocks.
Conversely, Nifty IT witnessed a decline of 0.18%, and Nifty Metal slipped by 0.13%. Nifty FMCG experienced a marginal decrease. Leading the list of top losers from the Nifty stocks were companies such as Eicher Motors, Tata Consumer Products, Hindalco Industries, HDFC Life Insurance, and others.
Market analysts predict that the absence of immediate market triggers may result in a range-bound scenario, with investor attention shifting towards the upcoming June quarter earnings reports. They note that momentum indicators are indicating a slowdown, hinting at a continued consolidation phase in the market.
Experts suggest that the market is currently consolidating within a specific range, and traders should monitor a breakout above 24,200 or below 23,800 on the Nifty for the next directional trend confirmation. Until then, the market is expected to witness range-bound trading with a focus on individual stock movements.
International oil prices saw a decline, with Brent crude dropping by 0.66% to $73.42 per barrel and US WTI crude falling by nearly 1% to trade around $70 per barrel. In Asian markets, Japan’s Nikkei and South Korea’s KOSPI recorded gains, while Hong Kong’s Hang Seng faced a decline. The US markets closed positively, with the S&P 500 rising by 1.18% and the Nasdaq Composite climbing by almost 2%.
