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Mid-day Mood | Nifty, Sensex off record highs; Realty, IT stocks still in front

13 Jun , 2024   By : Debdeep Gupta


Mid-day Mood | Nifty, Sensex off record highs; Realty, IT stocks still in front

After opening at record highs, the Nifty and Sensex tapered off to trade marginally higher on June 13. Nifty clocked a fresh high of 23,481 intraday. Sensex gained 0.8 percent to an intraday high of 77,145.

Nifty FMCG and Nifty Energy index were the only two laggards. All the other 11 sectoral indices were trading in green, led by the Realty index which surged over 2 percent. Nifty IT index was also up by more than 1 percent. The midcap and smallcap index outpaced the benchmark indices for a second session in a row.

Market Overview

India's VIX dropped to 13.7, down by 4.45 percent. At about 11:20 am,  the Sensex was up 202 points or 0.26 percent at 76,808, and the Nifty was up 59 points at 23,382. About 2,038 shares advanced, 1,213 shares declined, and 108 shares unchanged.

Sector trend

Nifty Realty was the top-performing index followed by IT index. Interestingly, all IT stocks on the index were trading higher. TCS, Infosys, and Tech Mahindra led the pack.

Nifty FMCG index slipped for the second session in a row. Bellwether stock Hindustan Unilever slipped the most followed by Marico.

Fundamental View

The market has been consolidating for the past three sessions and is likely to continue to do that in the near term with a positive bias, Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services, said.

Technical view

"Technically, the index is consolidating in the 23,000–23,500 range for the past three sessions, finding it tough to surpass the 23,500 mark," Hrishikesh Yedve, Technical and Derivatives Research head at Mehta Investment Intermediates, said.

He also said that profit booking is possible as long as the index remains below 23,500. "If the index remains above 23,500, the rally may extend to 23,700-23,800 levels. On the downside, immediate support for the Nifty is placed near 23,000, followed by 22,680," Yedve added.

Key Nifty gainers

HDFC Life Insurance, Divis Laboratories, Shriram Finance, LTIMindtree, Larsen and Toubro

Key Nifty losers

Eicher Motors, Tata Consumer Products, Power Grid Corporation, Hindustan Unilever (HUL), Tata Steel

Key Sensex losers

HUL, Power Grid Corporation, Tata Steel, NTPC, Maruti Suzuki

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