Sensex zooms over 500 points, Nifty at 23,989 led by Realty, IT
Mumbai, June 16
Indian equity markets extended gains for a third consecutive session with Sensex zooming over 500 points and Nifty inching towards the 24,000 mark. Nifty Realty, IT and Media emerged as the strongest gainers during Tuesday's session.
However, metals, healthcare, cement and pharma remained weak, limiting broader momentum with leadership shifting towards technology and domestic-facing sectors. On the other hand, broader markets remained mixed with smallcaps gaining and midcaps slipping.
Metals were the biggest drag, slipping over 2 per cent amid profit booking and a sharp decline in aluminium prices. Nifty closed at 23,989.15, up 135.25 points or 0.57 per cent, Sensex settled in the green at 76,808.48, up 544.15 points or 0.71 per cent.
HCL Tech, Bajaj Finserv, NTPC, Hindustan Unilever, TCS, Bajaj Finance, Reliance, Tech Mahindra, ITC, among others, were the top BSE gainers. Meanwhile, Maruti, Tata Steel, Sun Pharma, Power Grid, Trent, among others, were the biggest losers.
Gold was trading at around USD 4,345.03 at the time of writing; on the other hand, the Rupee was trading at around 94.56 against the USD. Abhishek Kumar, SEBI RIA, founder, SahajMoney, said, "Indian equities markets continued their gains in Tuesday's session, with the Sensex up 544 points at 76,808 and the Nifty 50 up about 133 points at 23,987, extending Monday's rally based on the US-Iran deal in a more measured manner."
Noting, "Realty, FMCG and IT extended their gains while metals slipped due to profit booking," Kumar noted, "Sentiment stays positive but cautious as traders awaited finer details of the ceasefire ahead of the June 19 signing."
Market analyst Vipin Dixena noted, "Indian markets are showing resilient momentum today. Nifty stabilising near 24,000 reflects healthy consolidation. The broader market strength is particularly noteworthy: Midcap and Smallcap indices gaining over 1% each indicate genuine retail and institutional participation, not just index-heavy momentum. Geopolitical stability from the US-Iran peace agreement and the Strait of Hormuz reopening are genuine positives that I think will sustain risk appetite in the near term."
Maintaining a bullish outlook, Dixena noted, "as long as the critical 23,800 support level holds, a decisive breakout above 24,000 could aggressively target 24,500."
— ANI
Reader Comments
Good rally today but I'm cautiously optimistic. The US-Iran deal is definitely helping sentiment but we need to see how the rupee holds. 94.56 against USD is still concerning for FII inflows. Let's see if this momentum continues post-June 19.
As someone tracking Indian markets from the US, this rally seems to be driven by domestic flows. The SIP numbers in India are growing strong. But correction is due soon - Nifty P/E ratio is still high at around 22. Don't get too carried away, folks.
HCL Tech and TCS leading the IT pack is great news for tech investors. But what about the MSME sector? Realty gaining is fine but we need broader consumption to pick up. The common man isn't feeling this rally in their pockets yet. 🤔
Been investing in Nifty ETFs for the past year and seeing this steady climb is reassuring. 24,000 is a psychological level - if we break through, might see more FII buying. Metals weakness is a good buying opportunity for long-term investors according to my analysis.
My portfolio is finally in the green after last month's volatility! But I'm not going to celebrate yet - the geopolitical situation can change overnight. Also, why is Sun Pharma down when healthcare should be doing well? Need to do more research before jumping in.
K We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.