June 21, 2024
New Delhi, India
Stock Market Highlight
Opening Session
Positive Start The benchmark indices opened higher on Friday. The NSE Nifty 50 started 94 points or 0.40% up at 23,661, while the BSE Sensex opened 250.55 points or 0.32% higher at 77,729.48. Bank Nifty also opened in the green, up 144 points or 0.28% at 51,927.
Intraday Volatility
Sharp Downturn Despite a positive opening, the Sensex and Nifty witnessed significant intraday volatility. The Sensex dropped over 600 points to 76,880 levels, and the Nifty tested 23,400 levels amid heavy selling in major stocks like HDFC Bank, Reliance Industries, L&T, HUL, Axis Bank, and Bajaj Finance.
Sector Performance While the broader BSE MidCap and SmallCap indices held notional gains, sector-specific performance varied. Rail-related stocks showed smart gains during the trades, but FMCG and PSU stocks were major draggers.
Closing Session
End of Day Performance The markets ended on a negative note. The BSE Sensex closed down 269 points or 0.35% at 77,209.90, and the NSE Nifty 50 ended 66 points or 0.28% lower at 23,501.10. Bank Nifty closed down 121 points or 0.24% at 51,661.45. The Nifty Midcap 100 also saw a slight decline, closing 44 points or 0.08% lower at 55,429.
Market Analysis
Heavyweight Impact The downturn was primarily driven by significant selling in heavyweight stocks. Major contributors to the decline included HDFC Bank, Reliance Industries, L&T, HUL, Axis Bank, and Bajaj Finance.
Investor Sentiment The market’s volatility reflects cautious investor sentiment amid broader economic concerns and sector-specific challenges.
Conclusion
The stock market faced a turbulent trading session on Friday, with major indices closing in the red. Despite a strong start, the day ended with notable losses, particularly in heavyweight and FMCG stocks, highlighting ongoing market volatility.
Disclaimer:
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