Wednesday, 17 July 2024
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Markets See Minor Dip as Profit Booking Continues; Metals and Pharma Shine

  • Sensex and Nifty close slightly lower amid profit booking in banking stocks.
  • Metals, pharma, and energy sectors outperform with notable gains.
  • Optimism around upcoming budget and GDP forecasts supports market sentiment.

Indian markets experienced a minor dip on June 28, 2024, with the Sensex closing down by 210.45 points at 79,032.73 and the Nifty settling at 24,010.60, a decline of 33.90 points.

Analysts suggest a phase of consolidation in the market after recent gains. Ajit Mishra from Religare Broking indicated that support for the Nifty is expected around the 23,700-23,900 range.

Consolidation Expected in Markets Amid Profit Booking; Key Sectors Outperform

The Indian stock market closed slightly lower on June 28, 2024, with the Sensex down 210.45 points at 79,032.73 and the Nifty dipping 33.90 points to 24,010.60. The market witnessed profit booking in banking stocks, which overshadowed gains in metals, pharma, and energy sectors. Notable gainers for the day included ONGC, Dr. Reddy’s Labs, and Reliance Industries, while IndusInd Bank and ICICI Bank were among the top losers.

Market analysts anticipate a period of consolidation following the recent rally. According to Ajit Mishra from Religare Broking, the Nifty could find support between 23,700 and 23,900. Kunal Shah from LKP Securities noted that the BankNifty experienced a significant correction and needs follow-up selling to maintain the downward trend, with immediate support at 52,000.

The broader market sentiment remains optimistic due to expectations surrounding the upcoming budget and upward revisions in GDP forecasts. Vinod Nair from Geojit Financial Services pointed out that foreign institutional investors (FIIs) are showing renewed interest in large-cap stocks. However, profit-taking at higher levels, particularly in private banks, has tempered some of the enthusiasm.

In the currency market, the Indian rupee ended higher at 83.39 per dollar, providing some support to market sentiment. Additionally, notable corporate developments included Udupi Cochin Shipyard Limited securing an international order and Bharat Electronics signing a significant contract for the Indian Army. These factors contributed to a mixed but cautiously optimistic market outlook.

Looking ahead, market participants should prepare for potential consolidation and strategize around key support levels while keeping an eye on sector-specific performances and macroeconomic indicators.

“Optimism about the upcoming budget and upgrade in GDP forecasts continues to provide momentum in the market.” – Vinod Nair, Head of Research, Geojit Financial Services

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