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After rallying more than 130 points during the session, the Nifty slips below the 23,200 mark, while the Sensex gives up over 500 points from its day’s high.
Stock Market Today.
Stock Market Updates Today, June 10: The domestic equity markets surrendered all their intraday gains in late trade on Wednesday, with heavy selling in midcap, smallcap, metal, realty and financial stocks dragging benchmark indices into negative territory. After rallying more than 130 points during the session, the Nifty slipped below the 23,200 mark, while the Sensex gave up over 500 points from its day’s high.
At around 3:20 PM, the Nifty 50 was trading at 23,191.05, down 51.05 points or 0.22%, after touching an intraday high of 23,425.35 earlier in the day. The BSE Sensex was marginally higher by 51 points at 73,969.92, though the index had climbed above 74,600 during afternoon trade before witnessing a sharp reversal.
The late-session weakness was far more pronounced in the broader market. The Nifty Midcap 100 plunged 1.68%, while the Nifty Smallcap 100 declined 1.49%. The Nifty Midcap 50 fell 1.61%, and the Nifty Microcap 250 dropped 1.55%, indicating broad-based profit booking across riskier segments of the market.
Broader Market Bears the Brunt
Market breadth weakened significantly during the second half of trading as investors booked profits in mid- and small-cap counters.
The Nifty Midcap Select index tumbled 1.54%, while the Nifty MidSmallCap 400 lost 1.43%. The weakness suggests investors shifted towards select defensive large-cap names even as the broader market came under pressure.
Sectoral Performance
Among sectoral indices, Nifty FMCG remained the lone bright spot, rising 0.97%, supported by gains in Hindustan Unilever and ITC. Nifty Private Bank also held firm, advancing 0.61%, while Nifty Chemicals traded flat with a marginal gain of 0.03%.
On the downside, Nifty Media emerged as the worst-performing sector, plunging 2.45%. Nifty Realty fell 2.04%, Nifty MidSmall Financial Services declined 2.12%, Nifty Metal dropped 1.84%, and Nifty Oil & Gas lost 1.59%.
Top Gainers and Losers
In the Sensex pack, Hindustan Unilever led the gainers with a rise of 1.81%, followed by Axis Bank (+1.76%), Kotak Mahindra Bank (+1.51%), ICICI Bank (+1.32%), ITC (+1.29%), and HDFC Bank (+1.12%).
Among laggards, Eternal fell 1.96%, Tata Steel declined 1.76%, Titan dropped 1.40%, Bajaj Finserv lost 1.34%, M&M shed 1.27%, while Reliance Industries slipped 0.90%.
Volatility Edges Higher
The India VIX rose 0.35% to 15.63, reflecting increased caution among traders following the sharp reversal from intraday highs.
Rupee Opens Lower
The Indian rupee weakened 15 paise to 95.56 per US dollar in opening trade, pressured by a cautious global risk environment, importer-related dollar demand and continued foreign fund outflows. The currency had settled at 95.41 against the dollar in the previous session.
The domestic equity benchmarks had closed higher in the previous session on Tuesday, with both the Nifty 50 and BSE Sensex gaining more than 0.5 per cent, supported by easing of geopolitical concerns in West Asia, softer crude oil prices and broad-based buying across sectors. The Nifty 50 index closed at 23,242.10, up 119.10 points or 0.52 per cent, while the BSE Sensex settled at 73,918.76, gaining 394.50 points or 0.54 per cent.
About the Author
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More
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