Today, June 18, 2024, the benchmark indices Sensex and Nifty soared to new record highs during early trade. The Sensex surged by 200 points to reach 77,187, while the Nifty gained 70 points, standing at 23,534 around 9:20 am. This upward momentum continued as both indices rose by 0.25% each, buoyed by significant gains in the Metal stocks index, PSU banks index, and IT index. However, the Healthcare and Pharma sectors experienced declines.
Market sentiment remained positive with midcap and smallcap indices also showing gains of 0.3% and 0.8%, respectively. Among the 13 sectoral indices on the NSE, only three were trading in the negative territory today.
Top gainers on Nifty included Wipro, Adani Enterprises, M&M, Titan Company, and Adani Ports, while Maruti Suzuki, Dr Reddy’s, Divis Laboratories, Kotak Mahindra Bank, and SBI Life Insurance were among the top losers.
In the commodity market, Gold prices dipped by 0.5% to USD 2320 per ounce, as investors awaited signals from US policymakers regarding potential interest rate cuts by the Federal Reserve. Conversely, Brent crude oil prices surged by 2% to over USD 84 per barrel, marking a one-month high, driven by optimism over global demand and OPEC’s decision to extend supply cuts.
Market expert Ajay Bagga highlighted that the upcoming 100-day priorities of the new government and the Union Budget measures will likely be pivotal for market trends. He emphasized that PSU companies, banks, capital goods, infrastructure, railways, and defense stocks are currently favored in the Indian market.
The positive market sentiment reflects optimism and investor confidence amid ongoing economic developments and global market trends.
