Stock market today:Nifty 50,Sensex close at historic closing highs

The Indian stock market's record-breaking rampage continued on Tuesday, June 18, as the Sensex and Nifty 50 reached new highs.
Stock market today:Nifty 50,Sensex close at historic closing highs

Stock market today: The Sensex concluded 308 points higher, or 0.40 percent, at 77,301.14, while the Nifty 50 finished the day at 23,557.90, up 92 points, or 0.39 percent. Positive global cues boosted mood at home, while increases in key heavyweights such as HDFC Bank, ICICI Bank, and Power Grid supported the benchmarks.

Experts report that the Indian stock market is seeing new foreign capital inflows on expectations of rate cuts. This, combined with a favorable macroeconomic outlook and the expectation of a healthy monsoon, supports bullish market mood. "Key benchmark indices continued their record-breaking spree as renewed FII (foreign institutional investors) buying interest, combined with moderate domestic inflation, has raised hopes of a rate cut by the end of the year," said Prashanth Tapse, Senior VP (Research), Mehta Equities. "Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity over the next few weeks that would boost consumption, particularly rural areas, and prop up overall growth in the remaining quarters of this fiscal," Tapse stated.

The Nifty 50 remained in the green for the fifth consecutive day, up about 5% in June so far, as investors remain optimistic about the Indian stock market's medium- to long-term prospects. With the elections concluded, the market's attention has switched to the approaching Budget, macroeconomic reports, global cues, and stock fundamentals. On Tuesday, the Sensex reached a new all-time high of 77,366.77 during the session and concluded 308 points, or 0.40 percent, higher at 77,301.14. During the session, the Nifty 50 reached a new all-time high of 23,579.05 before closing 92 points, or 0.39 percent higher at 23,557.90. Both frontline indices hit new closing highs. Shares of ICICI Bank, HDFC Bank, Power Grid, Infosys, Mahindra & Mahindra, and Axis Bank contributed the most to the Nifty 50 index's advances. The BSE Midcap and Smallcap indices beat their benchmarks, closing 0.43 percent and 0.96 percent higher, respectively. The BSE's market capitalization increased to roughly ₹437.3 lakh crore from ₹434.9 lakh crore the previous session, resulting in a ₹2.4 lakh crore gain for investors in a single session.

In intraday trading on the BSE, 384 equities, including Mahindra & Mahindra, Tata Steel, Bajaj Auto, Cipla, DMart, Eicher Motors, and Hero MotoCorp, reached new 52-week highs. The biggest gainers in the Nifty 50 index were Shriram Finance (3.22%), Power Grid (3.13%), Wipro (2.94%), and ICICI Bank (1.82%). Top Nifty 50 losers for today are Maruti Suzuki (down 2.14%), Dr. Reddy's Laboratories (down 1.60%), and UltraTech Cement (down 1.09%) were the index's biggest losers. Today's sectoral indices saw considerable increases, with Nifty Realty (up 1.88%), Consumer Durables (up 1.59%), and Private Bank (up 1.10%). Nifty Bank closed 0.88 percent higher, while the PSU Bank index gained 0.25 percent. The losers included Nifty Media (down 0.64%), Pharma (down 0.35%), and Metal (down 0.22%).

"The Indian market reached new highs and is steadily widening the gains made after the national election. It is responding well to the next Budget, which is expected to strike a balance between growth and populism," stated Vinod Nair, Head of Research at Geojit Financial Services. "It is also responding to good global market trends, with the United States rapidly approaching the presidential election in November. Market volatility has decreased this month, leading to a short-term trend," Nair stated.

Ajit Mishra, SVP of research at Religare Broking, expects the current trend to continue, with the Nifty 50 eventually approaching the 24,000 level. "The banking index's renewed performance underpins our positive perspective. As a result, we propose sticking to a 'buy on dips' strategy, focusing on equities with stronger relative strength," added Mishra. According to Shrikant Chouhan, Kotak Securities' head of equities research, the market maintained upward momentum throughout the day despite a gap-up opening. On the daily and intraday charts, it has a higher high and higher low pattern, indicating a continuation of the current uptrend.

"For trend-following traders, the important support level is at 23,500/77,000. As long as the market remains above this level, bullish optimism is expected to persist. On the upside, the market might rise to 23,700-23,750/77,600-77,800. On the other hand, if the figure falls below 23,500/77,000, attitudes may shift. "Below this, traders may prefer to exit their trading long positions," Chouhan warned. Also, we recommend that investors seek authorized specialists before making any financial decisions.