Sensex Slips Over 200 Points Nifty Closes Above 24,850 As Pharma Emerges As Top Drag

Sensex Today: The headline indices closed lower on June 17 as the Sensex and the Nifty declined amid likely profit-booking and weak global cues. The Sensex closed at 81,583.30, down by 212.85 points or 0.26 per cent. On the other hand, the Nifty 50 index shed 93.1 points or 0.37 per cent to close at 24,853.4. Here’s a look at some key developments that took place on D-Street today.

IT Stocks Emerge As Gainers

Shares of domestic Information Technology companies emerged as the top gainers among Nifty 50 constituents, bucking the trend amid broad-based selloffs. Tech Mahindra and Infosys gained the most among Nifty constituents as the two stocks closed up to 1.66 per cent higher. Other stocks which gained included Asian Paints, Maruti Suzuki India Ltd and Tata Consultancy Services also closed in the green. Other constituents of the benchmark index such as Adani Enterprises, Eternal Ltd, Dr Reddy’s Laboratories fell as much as 2.31 per cent amid weak cues.

Broader Markets Mirror Declines

The Nifty SmallCap 100 and the Nifty MidCap 100 ended the session lower by as much as 0.69 per cent, underperforming the benchmark indices. The Nifty IT index bucked the trend to finish in the green up by 0.72 per cent on June 17 even as all other sectoral indices finished the session in red. Out of all the sectoral indices the Nifty Pharma index witnessed the deepest decline as it closed 1.72 per cent lower.

Global Markets on June 17

Wall Street indices ended Monday’s session in green as the Dow Jones Industrial Average closed at 42,515.09 up by 317.3 points or 0.75 per cent. On the other hand, the Nasdaq Composite finished at 19,701.21 gaining 294.39 points or 1.52 per cent and the S&P 500 finished the session at 6,033.11 adding 56.14 points or 0.94 per cent higher. European indices declined in trade on June 17 amid escalating tensions in the Middle East; the CAC 40, FTSE 100 and the DAX Performance Index traded lower by as much as 1.12 per cent at the time of writing. Asian indices traded mixed with Japan’s Nikkei 225 trading higher by 0.58 per cent while the Hang Seng and the Shanghai Composite declined as much as 0.34 per cent.

Primary Market Action On June 17

The public issue of Eppeltone Engineers Ltd opened for subscription on June 17. On the other hand, the Oswal Pumps IPO and Aten Papers & Foam IPO closed for bidding. Shares of Jainik Power and Cables Ltd listed on the NSE SME platform at Rs 82 with a discount of 25.45 per cent to the issue price of Rs 110 apiece.

Market Cues

In the upcoming sessions of the week the market is expected to factor in several macro events such as tensions between Israel and Iran news, the outcome of the US Federal Reserve’s meeting and the announcements made by the Sebi following its board meeting tomorrow.