June 10th 2024.
The stock market in Mumbai saw a decrease on Monday after initially reaching its all-time high levels in the morning. This was due to a decline in blue-chip IT stocks and HDFC Bank. The BSE Sensex, which had surpassed the 77,000-mark earlier in the day, faced selling pressure towards the end of the session and closed 203.28 points or 0.27 per cent lower at 76,490.08. At its peak, the benchmark had climbed 385.68 points or 0.50 per cent to hit a record high of 77,079.04.
Meanwhile, the NSE Nifty, after experiencing a three-day rally, fell by 30.95 points or 0.13 per cent to settle at 23,259.20. However, it had reached a lifetime peak of 23,411.90 during intra-day trading, with an increase of 121.75 points or 0.52 per cent.
The previous day, Narendra Modi was sworn in as the Prime Minister for the third time, leading a 72-member Union Council of Ministers that prioritized continuity, youth, and experience. The Bharatiya Janata Party-led National Democratic Alliance government also rewarded its partners with positions in the council.
Out of the 30 companies listed on the Sensex, stocks such as Tech Mahindra, Infosys, Wipro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, HCL Technologies, and Tata Consultancy Services saw a decline in their value. On the other hand, UltraTech Cement, Power Grid, Nestle, NTPC, Tata Steel, and Axis Bank experienced the biggest gains.
According to exchange data, Foreign Institutional Investors bought equities worth Rs 4,391.02 crore on Friday. Vinod Nair, the Head of Research at Geojit Financial Services, stated, "The Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term. Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs."
In Asian markets, Tokyo saw an increase while Seoul closed lower. Markets in China and Hong Kong were closed for holidays. European markets were trading in the negative territory, and US markets ended lower on Friday. The global oil benchmark, Brent crude, climbed 0.18 per cent to $79.76 a barrel.
On Friday, the BSE benchmark had closed at 76,693.36, with a rise of 1,618.85 points or 2.16 per cent. The Nifty also saw a jump of 468.75 points or 2.05 per cent, settling at 23,290.15.
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