June 18, 2024
New Delhi, India
Stock Market Analysis
The Indian stock market reached new heights today as benchmark indices Sensex and Nifty closed at record levels. The Sensex rose by 308 points, while the Nifty climbed to 23,557. This marks the third consecutive day of gains for the Sensex, closing 308 points higher and pushing the Nifty past 23,550.
Market Performance Driven by IT and Consumer Goods
The upward momentum was fueled primarily by the strong performance of the IT and consumer goods sectors. Notable gains were also seen in real estate, contributing to the overall positive sentiment.
Conversely, the pharmaceutical, health, and FMCG sectors experienced some drag, indicating a mixed performance across different market segments.
Institutional Investors Show Strong Buying Interest
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) displayed significant buying activity. On June 14, FIIs net bought equities worth ₹2,176 crore, while DIIs net bought ₹656 crore. For the week, FIIs purchased ₹15,691 crore and sold ₹13,515 crore worth of equities. Similarly, DIIs bought equities worth ₹11,877 crore and sold ₹11,221 crore.
Key Stock Movements
Several stocks were in focus today, with Wipro and Power Grid each jumping by 3%. Other prominent stocks included IIFL Finance, Hindustan Aeronautics, Zomato, HFCL, Zydus Life, SBI, LIC, TCS, Biocon, ONGC, Oil India, Wipro, Adani Enterprises, and RVNL.
In a notable event, Ixigo shares listed at a premium of 49%, reflecting strong market interest and positive investor sentiment.
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Global Market Influence
The performance of Indian equity indices was also driven by gains in global markets, highlighting the interconnected nature of global finance. Positive trends in international markets contributed to the buoyant mood among Indian investors.
Conclusion
The Indian stock market‘s record run, led by the IT and consumer goods sectors, showcases a robust and optimistic investment environment. With strong institutional buying and global market support, the upward trend appears poised to continue.
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