Indian stock market closes in red after touching all-time high, most IT stocks suffer
Jun 10, 2024
New Delhi [India], June 10 : The stock indices closed with a marginal dip after both indices touched an all-time high during Monday's session. The Sensex touched a record high of 77,079 and the Nifty 50 reached 23,411 points. The Nifty 50 concluded with a decline of 0.13 percent at 23,259 and the Sensex declined 0.27 per cent at 76,490.
On Monday, Dalal Street began trading with record highs, primarily driven by banking stocks and Reliance Industries. The Sensex touched a record high of 77,079.
According to analysts, the market was watching the global factors today. Selloffs in Europe impacted the global market on Monday, driven by France's decision to call a snap election, affecting the euro, banking stocks, and government bonds, said Varun Aggarwal, MD, Profit Idea.
Eurozone bank stocks dropped by 2 per percent's 10-year government bond yield rose by 8 basis points to 3.19 per cent. Italian borrowing costs also increased.
In Nifty 50 the top gainers were Reliance Industries, Bharti Airtel, ICICI Bank, SBI, L&T, Adani Enterprises, Axis Bank, Sun Pharmaceuticals, Tata Motors, NTPC and Bajaj Motors among others.
On Monday, most IT stocks suffered. The top losers in the Nifty remain Infosys, Bajaj Finance, Mahindra & Mahindra, Wipro, LTIMindtree, and Tech Mahindra.
The stock market saw gold prices propping up due to decreased demand, with prices falling by 345 to Rs 71,008 per gram in future trading as speculations reduced their positions.
"Among Sectors, Reality, and Media indices rallied over 1 percent whereas IT index was the top loser, shedding 1.84 percent. Technically, after a positive opening entire day the market hovered between 23230 to 23400/76400-77000. Intraday range bound activity and small bearish candle on daily charts after a strong rally indicates indecisiveness between the bulls and bears," opined Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the Multi Commodity Exchange, gold contracts for August delivery saw a decline of Rs 345 or 0.48 per cent at Rs 71,008 per 10 grams, with a business turnover of 15,759 lots. Analysts linked the decrease in gold prices to weak global signals. Internationally, gold was down by 0.47 per cent at USD 2,314 per ounce in New York.
