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Mid-day Mood | Sensex, Nifty recover from morning losses; all sectoral indices in green, VIX eases 7%

11 Jun , 2024   By : Debdeep Gupta

Mid-day Mood | Sensex, Nifty recover from morning losses; all sectoral indices in green, VIX eases 7%

Sensex and Nifty recovered from morning losses, rising by 0.3 percent around noon on June 11, with all sectoral indices in green. Construction, auto, and IT stocks led the gains in Nifty while FMCG and consumer durable stocks declined.

The broader market outperformed the benchmarks, with BSE Midcap and BSE Smallcap indices gaining nearly 1 percent.

India VIX, moving towards pre-election levels, dropped over 7 percent to 15.

Investors await the US CPI data and the outcome of the two-day Fed meeting scheduled on June 12, which will provide further cues about the interest rate trajectory.

At 11.43 am, the Sensex was up 172 points or 0.2 percent at 76,662 and the Nifty 50 was up 64 points or 0.3 percent at 23,323. About 2,282 shares advanced, 1,038 shares declined, and 87 shares remained unchanged.

Sectoral Trend

Nifty Realty, up 1.4 percent, was the top gainer amongst the 13 major sectoral indices. DLF, Prestige Estates, and Godrej Properties led the rally in the index.

Nifty Bank and Nifty Private Bank also recovered from their morning losses and gained o.1 percent each.

Fundamental View

"A strong pillar of support for this bull market has been the mutual fund industry which is witnessing sustained inflows," said V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.

He said that the BJP retaining most of its previous ministerial seats signals policy continuity, which is positive for the market. "From the fundamental perspective, the 25 percent increase in corporate profitability in FY24 augurs well for the market," he added.

Technical View

Nifty 50 is expected to find support at around 23,130-23,000 levels and face resistance between 23,400-23,500 levels, said Sameet Chavan, Head Research, Technical and Derivative - Angel One.

Key Nifty gainers

ONGC, L&T, Hero Motocorp, Britannia, Maruti Suzuki

Key Nifty losers

Dr Reddys Labs, Asian Paints, Kotak Mahindra, BPCL, JSW Steel

Key Sensex gainers

L&T, Tata Motors, Maruti Suzuki, Tata Steel, Tech Mahindra

Key Sensex losers

Asian Paints, Kotak Mahindra, JSW Steel, ITC, Titan Company

Stock moves

PNC Infratech: Shares tumbled more than 9 percent after the Central Bureau of Investigation (CBI) conducted search operations at the residence of managing director Yogesh Kumar Jain, whole-time director Talluri Raghupati Rao, and its Agra office in connection with Rs 10 lakh bribery case.

Tata Motors: Shares traded 2 percent higher after the management gave a positive outlook for the coming quarters.

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