Sensex, Nifty end marginally higher as late selling erodes early gains
Mumbai, June 25
Indian benchmark indices ended with modest gains on Thursday after surrendering a significant portion of their intra-day advances amid weakness in information technology, metal, oil, and gas stocks.
The Nifty closed 34.35 points, or 0.14 per cent, higher at 24,056, while the Sensex advanced 109.25 points, or 0.14 per cent, to settle at 77,100.47. The benchmarks had traded notably higher during the session before profit booking in select sectors trimmed gains toward the close.
Selling pressure in heavyweight sectors such as IT, metals, and oil and gas weighed on market sentiment. Among the Nifty constituents, Oil and Natural Gas Corp, Power Grid Corporation of India, and Hindalco Industries emerged as the top laggards, dragging the indices lower in the latter half of the session.
The broader market also witnessed weakness, with mid- and small-cap stocks underperforming the benchmark indices. The Nifty MidCap index ended 0.55 per cent lower, while the Nifty SmallCap index declined 0.47 per cent.
On the sectoral front, the Nifty Metal index led the losses, followed by the Nifty IT and Nifty Oil and Gas indices, as investors booked profits in these segments. In contrast, defensive and consumption-oriented sectors provided support to the market. The Nifty Auto and Nifty FMCG indices outperformed their peers, helping the benchmark indices remain in positive territory.
Analysts said that despite ending in the green, the sharp erosion of intra-day gains reflected a cautious undertone in the market, with investors remaining selective amid sector-specific weakness and profit-taking in broader markets.
"While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum," a market expert said.
"In the near term, sentiment may be influenced by a muted Q1 earnings outlook and an uneven monsoon, which should be monitored going forward," an analyst mentioned.
— IANS
Reader Comments
Typical consolidation before Q1 results. IT and metals falling is expected given global slowdown fears. But FMCG and auto holding up is a good sign for domestic consumption story. Long-term investors should not worry.
I think the sharp rise from 75k to 77k sensex in recent months was overdone. A small correction is healthy. Let’s see how budget and monsoon shape up. 🧐
As a retail investor, I feel it's important to book profits in sectors that have run up too fast. The late selling is a reminder that markets don't go up in a straight line. Stay disciplined with SIPs! 👍
Disappointing to see the gains fade so quickly. But the analysts are right—uneven monsoon could hurt rural demand and earnings. Let's hope for good rains and a stable budget. 🌦️
Crude falling is a blessing, but why are oil & gas stocks falling? That seems ironic. Anyway, I'm holding my positions in HDFC Bank and auto stocks—they look solid for the long term. 😎
The article mentions profit booking in metals and IT—correct. But I'm more worried about the broader market weakness. Mid and small caps are
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