Sensex makes modest gain after initial rally, Nifty above 25,000 mark

India Gazette

6 hours ago

New Delhi [India], June 24 (ANI): Indian stock market ended higher on Tuesday, with the BSE Sensex rising about 158 points and the Nifty 50 at National Stock Exchange (NSE) closing above the 25,000 mark.
Indian equity benchmarks on Tuesday witnessed profit booking, possibly due to the uncertainties still left in the Middle East as Israel accused Iran of violating the agreed ceasefire between the two countries.
At the end of the trading session on June 24, the BSE Sensex ended at 82,055.11, up 158 points, or 0.19 per cent, while the Nifty 50 settled at 25,044.35, up 72 points, or 0.29 per cent.
On Tuesday, the benchmark Nifty index opened with a strong gap-up after US President Donald Trump announced a ceasefire agreement between Iran and Israel, momentarily calming geopolitical tensions and reigniting global risk appetite.
Riding on this sentiment, the index broke out of its month-long consolidation range of 25222-24462 and touched an intraday high of 25317.
However, the rally lost steam as news emerged of fresh ceasefire violations. The Israeli Defence Minister claimed Iran had launched fresh missile attacks, prompting retaliatory strikes on Tehran.
'This escalation dampened the initial optimism and weighed on market sentiment, raising fresh concerns over regional stability despite earlier diplomatic efforts,' said Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, observing the markets.
From the day's high, the benchmark Nifty index lost steam and slipped over 270 points, finally settling just below the 25100 mark with a modest gain of 0.29 per cent.
Among the Nifty constituents, Jio Financial, Adani Ports, and Shriram Finance emerged as the top performers. On the flip side, ONGC, Power Grid, and IndusInd Bank led the losers' list.
Sector-wise, the Nifty PSU Bank and Nifty Metal indices outperformed, while the Nifty Media index was the worst hit. The broader markets also saw a steady session--Nifty Midcap 100 and Nifty Smallcap 100 traded in a narrow band post gap-up and closed with gains of over 0.70 per cent.
The SBI Securities, in its market commentary note, added that despite the sharp pullback from intraday highs, the market breadth remained positive with the advance/decline ratio tilted in favour of the bulls.
VLA Ambala, Co-Founder of Stock Market Today, added, 'Despite weak global cues, Indian markets remain resilient, and positive developments continue to act as a booster for us. We are currently in an uptrend, and pullbacks present opportunities for savvy risk-takers.'
'On the currency front, the INR is currently depreciating against the USD even as the dollar is weakening. It shows that the issue lies with the decline of the INR rather than the value of the dollar. That's why we haven't seen a dip in the dollar's strength,' added Ambala.
The inflow of retail funds through Domestic Institutional Investors (DII) is proving to be one of the biggest strengths of the market, the experts added.
DIIs have an investment of nearly INR 55,000 crore in the market, highlighting their buying activity.
Experts said that with tensions between Israel and Iran de-escalating, investors are now shifting focus to upcoming global events that could influence markets.
One of the key dates on investors' radar is July 9, the deadline related to US tariff decisions. If tariff concerns are deferred or resolved, the markets may continue their upward trend. (ANI)