Stock market today: The domestic equity market ended with modest gains on Monday, 22 June, as reports of progress in US-Iran peace talks and a decline in crude oil prices bolstered investor risk appetite.
The Sensex ended 291 points, or 0.38%, higher at 77,094, while the Nifty 50 settled at 24,102.90, up 90 points, or 0.37%. The mid and small-cap segments also ended with modest gains; the Nifty Midcap 100 and the Nifty Smallcap 100 indices rose by 0.34% and 0.60% higher, respectively.
The overall market capitalisation of BSE-listed firms rose to ₹480.5 lakh crore from ₹477.5 lakh crore in the previous session, making investors richer by ₹3 lakh crore in a single session.
What moved the stock market today?
The Indian stock market saw selective buying in most sectors amid reports of progress in US-Iran talks.
Media reports said the first round of talks between the US and Iran concluded with significant progress on Monday, and further negotiations will continue through the week.
According to Reuters, officials from Qatar and Pakistan stated that progress was made in the first round of talks on a roadmap to reach a final deal in 60 days.
“The market traded within a narrow range, albeit with a positive bias, as investors continued to assess the progress of US–Iran negotiations. Overall sentiment remained constructive, supported by outperformance in utilities, banking, and healthcare sectors. This strength was largely driven by a more selective, sector- and stock-specific investment approach,” noted Vinod Nair, Head of Research, Geojit Investments.
Stocks such as Reliance, HDFC Bank, Infosys, and ICICI Bank were among the top contributors to the gains in the Sensex and the Nifty 50.
Crude oil benchmark Brent Crude fell about 2% to trade below $80 per barrel, driven by hopes that the US and Iran will finalise a deal soon and that the Strait of Hormuz will reopen.
Meanwhile, the rupee declined 37 paise to close at 94.70 per dollar amid a rise in the US dollar and benchmark bond yields.
Top Nifty gainers and losers today
Some 27 components of the Nifty index ended higher, among which Cipla, Tech Mahindra, and Dr. Reddy’s Laboratories ended at the top.
On the flip side, Asian Paints, Titan Company, and Nestle India ended as the top laggards in the index.
Sectoral indices today
Barring Nifty FMCG (down 0.41%) and Consumer Durables (down 0.55%), all sectoral indices ended higher.
Nifty Media, Pharma, and Healthcare indices rose over 1% each, while Oil and Gas and IT rose by up to 1%.
Nifty Bank and Financial Services rose by 0.43% and 0.58%, respectively.
Most traded stocks today
Vodafone Idea, YES Bank, Jaiprakash Power Ventures, Ola Electric Mobility, IDBI Bank, and New India Assurance Company were the most traded (most active) stocks on the NSE by volume.
More than 200 stocks hit 52-week highs on the BSE
Adani Enterprises, Federal Bank, Pidilite Industries, CG Power and Industrial Solutions, FSN E-Commerce Ventures (Nykaa), Tata Communications, Bharat Forge, Aditya Birla Capital, and Adani Green Energy were among the 217 stocks that hit their 52-week highs in intraday trade on the BSE.
On the other hand, some 64 stocks, including Bayer CropScience, Global Surfaces, and Asian Granito India, hit their 52-week lows in intraday trade on the BSE.
Nifty 50 technical outlook
Sudeep Shah, the head of technical and derivatives research at SBI Securities, said on the daily chart that the Nifty formed a Doji candle, indicating indecision.
The index continues to trade above its 20-day and 50-day EMAs. Momentum indicators and oscillators are pointing to a sideways trend, highlighting a near-term consolidation phase, Shah added.
Shah believes the 24200–24230 zone may act as an immediate hurdle for the index.
He said a sustained move above 24230 could trigger a sharp upside rally towards 24400. On the downside, the 23970–23950 range is expected to provide strong support.
According to Rupak De, Senior Technical Analyst at LKP Securities, the RSI remains in a bullish crossover, indicating that the positive momentum is still intact.
De believes that on the higher end, 24,200 may act as an immediate resistance. A decisive move above this level could trigger a rally towards 24,500. On the downside, support is placed at 24,000. A breach below this level could drag the index towards 23,800.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
