The Indian benchmark equity indices closed in the red on June 28, with the BSE Sensex falling by 210 points and the Nifty 50 closing 35 points lower. The Bank Nifty also closed down by 469 points. Sectoral indices showed that Nifty Bank, financial services, media, and private stocks were in the red, while other sectors like Auto, FMCG, IT, Metal, Pharma, PSU Banks, and Realty also traded in the red. Among the top gainers were Dr. Reddy’s Laboratories, ONGC, Reliance Industries, SBI Life Insurance, and Tata Motors, while major losers included Bharti Airtel, Axis Bank, ICICI Bank, Kotak Mahindra Bank, JSW Steel, and IndusInd Bank.
Bharti Airtel saw a surge in its stock after hiking rates for data services. As of Friday, out of the 3,982 equities traded on the BSE, 2,200 stocks climbed, 1,666 decreased, and 116 remained unchanged. There were 21 stocks at a 52-week low and 260 at a 52-week high with 202 entering the lower circuit and 307 entering the higher. Among thematic indices, Nifty Energy traded high leading 1.18%. Stocks in Nifty CPSE, Infrastructure, and Midcap Liquid 15 also traded in the green.
Market experts like Ajay Bagga are optimistic that the momentum will continue into July with the Union Budget and results season providing catalysts for market progress. The Nifty-50 Index and Sensex gained around 2.5% each in the past week, scaling new all-time highs. While the mid-cap and small-cap indices gained around 0.45% and 0.44% respectively, underperforming large-caps. Shrikant Chouhan, Head of Equity Research, said that the market sentiment has improved post Lok Sabha elections with optimism about strong government support for the economy, especially the manufacturing sector, in the upcoming Union Budget.
Commodity markets showed mixed performance with spot gold rebounding and closing 1.27% higher at USD 2327. Base metals and energy complex experienced declines, while US Treasury yields eased to 4.28%, putting downward pressure on the Dollar Index.
