Thursday, 18 July 2024
Stock Market

Sensex up 76,800 points; Nifty Midcap 100 450 points higher to 23,400

  • Sensex gains 221 points; Nifty 50 rises by 77 points
  • Nifty Midcap 100 surges 450 points; Bank Nifty dips slightly
  • Inflation data shows easing, paving way for potential rate cuts

The stock market saw a positive closing on June 13, 2024, with the Sensex climbing 221 points to 76,827.11 and the Nifty 50 adding 77 points to reach 23,399.95. The Nifty Midcap 100 also rose significantly, gaining 450 points to close at 54,676.05.

Despite the overall upward trend, the Bank Nifty index fell slightly, dropping by 5.80 points to settle at 49,889.30. This mixed performance reflects varied sectoral responses to recent economic developments, including easing inflation and Federal Reserve policies.

Stocks Rally Amid Easing Inflation Concerns

On June 13, the Sensex and Nifty 50 indices closed positively, with gains of 221 points and 77 points, respectively. The robust performance was mirrored in the Nifty Midcap 100, which surged 450 points.

Key gainers in the Nifty 50 included Shriram Finance and HDFC Life Insurance, while Hindustan Unilever and ICICI Bank were among the top losers. The market showed mixed reactions across different sectors.

Gold market analysis indicates a potential gradual increase in demand despite current seasonal softness, according to Colin Shah of Kama Jewelry. Meanwhile, sugar stocks rallied on news of India achieving 15% ethanol blending.

L&T Finance saw a notable increase, with shares rising over 4% due to heavy trading activity. Analysts also noted that the Nifty 50 faces resistance around the 23,400 mark, with potential for further gains if this level is breached.

The positive closing of the Sensex and Nifty 50, supported by easing inflation and strategic market responses, underscores the market’s resilience and potential for continued growth.

“In the month of May only, we were able to cross 15 percent of ethanol blending. Based on the current progress, I am reasonably confident that the 20 percent blending target will be completed by the year 2025,” said Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas.

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