10 Jun , 2024 By : Debdeep Gupta
Sensex and Nifty were up marginally at around noon on June 10 in a choppy session as both benchmarks kept oscillating between gains and losses. While power, oil & gas stocks led the gains on Nifty, IT stocks declined.
At 11.18 am, the Sensex was up 114 points or 0.2 percent at 76,807 and the Nifty 50 was up 53 points at 23,343. About 2,413 shares advanced, 1,013 shares declined, and 94 shares remained unchanged.
Narendra Modi being sworn in as the Prime Minister for a third term and the RBI raising India's GDP growth projection to 7.2 percent for FY25 were highlighted by Prashanth Tapse, Senior VP (Research of Mehta Equities, as some of the reasons for the markets trading positively.
The broader market outperformed the benchmarks with BSE Midcap rising 0.6 percent and BSE Smallcap gaining over 1 percent.
Although concerns about policy continuity subsided temporarily, alliance issues might affect investor sentiment, said market experts.
India VIX was down almost 2 percent at 16.6 around noon, after having risen to 17.2 in early trade.
Sectoral Trend
Excluding Nifty IT and Nifty Metal, the remaining 11 sectoral indices were in the green.
Nifty IT fell nearly 2 percent while the metal index shed 0.1 percent. Meanwhile, Nifty Media, Nifty Realty, and Nifty Energy rose 1.0-1.7 percent.
Fundamental View
"The increased participation across the board has boosted market sentiment, and any additional contribution is likely to have a similar impact," said Sameet Chavan, Head of Research, Technical and Derivative - Angel One.
Chavan said that going forward, global developments could play a crucial role in dictating the intermediate trend for the domestic markets.
He said that since the Indian equity market has witnessed a worthy swing, it might attract some consolidation before setting up the next leg of the rally.
Technical View
"Nifty 50 can find support at 23,200 followed by 23,100 and 23,000," said Deven Mehata, Research Analyst at Choice Broking. "On the higher side, 23,400 can be an immediate resistance, followed by 23,500 and 23,600," he said.
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