Stock market today: Frontline indices, the Sensex and the Nifty 50, ended with losses on Friday, June 21, mirroring weak global sentiment after the US dollar hit a multi-week high level.
Nifty 50 hit its record high of 23,667.10 soon after opening but failed to hold gains due to the lack of fresh triggers. Profit booking in most sectors kept the benchmark index down, while weak global cues also weighed on sentiment.
Top European markets, including the UK’s FTSE, France’s CAC 40, and Germany’s DAX, fell up to a per cent in trade. Reports of an escalation in trade tensions between the European Union and China also negatively influenced market sentiment.
According to a Reuters report, China’s commerce ministry on Friday accused the European Union of foul play after a proposed tariff of up to 38.1 per cent on electric vehicle imports from China.
Sensex closed 269 points, or 0.35 per cent, lower at 77,209.90, while the Nifty 50 closed with a loss of 66 points, or 0.28 per cent, at 23,501.10.
Shares of Reliance Industries, Larsen & Toubro and HDFC Bank ended as the top drags on the Nifty 50 index.
“Investors partially booked profit owing to weak global cues. While the fall was more severe in the mid-session, markets pared losses towards the end to close marginally lower amid weakness in banking, auto, oil and realty shares,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
“The big event is the Union Budget in July, and investors are pinning hopes on a market-friendly Budget that would have a road map on measures to boost economic activity and prop up the investment cycle,” said Tapse.
Even though the market’s medium—to long-term outlook remains positive, investors are booking profits at higher levels due to the lack of fresh triggers. The Indian stock market seems to have discounted most positives and now awaits the upcoming Budget and macroeconomic prints to get a cue about the economy’s course.
The BSE Midcap index fell 0.26 per cent, following the trend of the largecaps. However, the Smallcap index ended with a nominal gain of 0.06 per cent.
The overall market capitalisation of BSE-listed firms dropped to nearly ₹434.1 lakh crore from nearly ₹435.7 lakh crore in the previous session, making investors poorer by about ₹1.6 lakh crore in a single session.
(More to come)
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Published: 21 Jun 2024, 03:32 PM IST