look news india
Mumbai: After four consecutive days of gains in the current week, the recovery in the Indian stock market halted due to profit booking at higher levels and the Sensex and Nifty 50 hit their all-time highs and closed lower. As the June quarter is about to end, investors are eyeing the first quarter results of companies for the current financial year and the budget for the current financial year to be presented next month. With the onset of monsoon across the country, there are good positive signs for the economy. However, the market is currently in an overbought condition and analysts believe that further decline cannot be ruled out before the budget. Nifty 50 was range bound between 24174 high and 23985.80 low and finally closed at 24010.60, down 33.90 points from its previous close. The Sensex fluctuated between a low of 78905.89 and a high of 79671.58 and finally closed 210.45 points down at 79032.73. However, midcaps continued to recover. Nifty Midcap rose 312.65 points to close at 55736.90. 2133 stocks advanced while 1768 stocks declined on the BSE. 111 stocks remained unchanged, thus the market breadth on the BSE remained positive.
Select auto stocks rose on good start of monsoon across the country
Monsoon has picked up pace in the country and the June deficit is expected to be overcome. Select auto stocks were buoyed by hopes that good progress of monsoon will ease conditions for crop irrigation and boost rural demand. Shares of Tata Motors closed up Rs 17.65 at Rs 989.75 on NSE. Shares of Hero MotoCorp closed up Rs 94.40 at Rs 5579.60. TVS Motor closed up Rs 20.70 at Rs 2364.85. Shares of Mahindra & Mahindra fell Rs 22.30 to Rs 2866.65 while Bharat Forge closed down Rs 10.20 to Rs 1670.35. Auto retail sales data will also be watched next week. Tyre stocks also rose after price hike. Tyre companies are increasing prices by up to two per cent from July 1.
Bank stocks mixed after profit-booking: Federal, PNB rise
Apart from profit booking, bank stocks were mixed after the report showed that the gross non-performing asset (NPA) ratio of the country's scheduled commercial banks fell to a multi-year low of 2.80 per cent at the end of the previous financial year i.e. 2023. 24. PNB closed up by Rs 4.06 at Rs 123.26. Bandhan Bank shares rose by Rs 3.48 to Rs 203.78 while SBI shares rose by Rs 4.95 to close at Rs 848.95. Indusind Bank closed down by Rs 38.25 to Rs 1464.50, Excise Bank closed down by Rs 23.70 to Rs 1265.25. Bank of Baroda closed down by Rs 4.45 to Rs 275.40 while Kotak Mahindra closed down by Rs 28.05 to Rs 1802.50.
Domestic institutional investors made net purchases worth Rs 6,658 crore
Domestic Institutional Investors (DIIs) bought Indian stocks to the tune of Rs 20,973.40 crore and sold to the tune of Rs 1,4315.09 crore after net buying of Rs 6,658.31 crore. On the other hand, there was a net selling of Rs 23.09 crore, with Foreign Institutional Investors (FIIs) buying to the tune of Rs 20,605.78 crore and selling to the tune of Rs 20,628.87 crore.
