Stock market today: Sensex gains over 180 points, Nifty 50 closes near record high; mid- and small-caps outperform

Estimated read time 6 min read

Stock market today: Domestic benchmark equity indices Sensex and Nifty 50 ended Friday’s session in green despite a flat and sluggish opening. The major indices were driven by auto and consumer durable sectors, while information technology (IT) firms were the biggest drags in the day chiefly due to profit booking. Due to revived anticipation that US interest rates will be slashed soon, the IT stocks on Thursday rose over 1%. In the last 30 minutes, Nifty 50 touched a record high of 23,481 level.

The 30-share BSE Sensex ended higher by 181.87 points or 0.24% at 76,992.77 level while the Nifty 50 closed at 23,465.60 level, up 66.70 points or 0.29%.

On the broader market front, the Nifty Midcap 100 closed 1.05% higher, while the Nifty SmallCap 100 ended up 0.8%, both outperforming the benchmark indices. The fear gauge index, the India VIX closed 4.93% lower on Friday.

Vinod Nair, Head of Research at Geojit Financial Services, indicated that there is a transitory dip in market momentum due to a lack of new triggers following the US Fed’s hawkish remark, lessening the likelihood of a rate cut in the immediate term. Domestic investors are waiting for indications from the impending union budget, which appears to indicate a near-term consolidation. There is a rising belief that the government should prioritise welfare, hence boosting consumption-driven stocks.

 

(more to come)

 

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Published: 14 Jun 2024, 03:30 PM IST

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