Indian Key Indices ended Flat

Indian equity indices declined after gaining in the early trading session on Tuesday. The Nifty opened at 23,283.75 up 23.55 points from Monday’s close and made an intraday high of 23,389.45 but closed at 23,264.85 up 5.65 points or 0.02%. The S&P BSE Sensex ended 33.48 points or 0.04%, lower at 76,456.59. Heavy-weight stocks like Reliance Industries, ICICI Bank, Kotak Mahindra Bank, ITC, and Axis Bank weighed on the Nifty 50. While Larsen & Toubro, Oil & Natural Gas Corp., Tata Motors, Maruti Suzuki, and Mahindra & Mahindra helped to limit the losses on the index.

The broader market outperformed the benchmark index; The S&P BSE Mid-Cap index rose 0.74% and the S&P BSE Small-Cap index added 0.95%. On BSE, 2,468 stocks advanced, 1,390 stocks declined and 111 remained unchanged.

Among the Sectoral index, the Nifty Media index (up 1.75%), the Nifty Oil & Gas index (up 1.33%) and the Nifty Realty index (up 1.13%) outperformed the Nifty 50 index. Meanwhile, the Nifty Healthcare index (down 0.50%), the Nifty FMCG index (down 0.34%) and the Nifty Private Bank index (down 0.16%) underperformed the Nifty 50 index.

Nifty may see some consolidation going forward; Recent Resistance could be seen at 23,500 and support at 23,000.

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NEWS UPDATES

• The Nifty and Sensex ended traded mostly flat-to-positive on June 11, with NSE Nifty 50 reaching within touching distance of its all-time high that it hit in the previous session. However, the benchmark indices gave up gains towards end of the trading session, with Nifty and Sensex turning flat. At close, the Sensex was down 33 points or 0.04 percent at 76,456 and the Nifty 50 was up 5.60 points or 0.02 percent at 23,265. The World Bank on Tuesday retained its growth forecast for India at 6.6 per cent for FY25. “India will remain the fastest-growing of the world’s largest economies, although its pace of expansion is expected to moderate. After a high growth rate in FY 2023/24, steady growth of 6.7 per cent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the multilateral bank said in its latest biannual Global Economic Prospects.

• Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), said people aware of the development. Following the market regulator’s nod, Ola Electric is set to become the first Indian EV company to go public.

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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