Stock market today: Sensex erases gains, falls 250 points; Nifty below 23,550 - Hindustan Times
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Stock market today: Sensex erases gains, falls 250 points; Nifty below 23,550

Jun 21, 2024 11:13 AM IST

Sensex is higher today as it extended gains from the previous session ahead of upcoming budget.

Nifty hit a fresh record high today owing to gains in IT stocks. This comes after Accenture forecasted annual revenue growth above expectations. The company's stock soared over 7 per cent in overnight US trading. Sensex is also higher today as it extended gains from the previous session ahead of upcoming budget. Investors look reassured amid policy continuity and a possible return of foreign institutional investors (FIIs).

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

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The broader market saw gains across all indices, including Nifty Midcap, Nifty Small Cap, and Nifty 100. However, sectoral indices on the National Stock Exchange such as Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty FMCG, Nifty Private Bank, and Nifty Realty registered losses.

Expert view on stock market 

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Ajay Bagga, Banking and Market Expert, said, “In the US, markets had a soft close after seven days of gains, with some selling in Big Tech stocks. However, the overall momentum remains positive. Next week's Lok Sabha Speaker election and the Union Budget expectations will be the key drivers for the Indian markets.”

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He added, "In anticipation of these, we could see a run up in the traditional beneficiaries of the public capex initiatives like capital goods, infrastructure, banks. Defence and railways stocks have already run up a lot and have been seeing some profit taking in recent days."

Varun Aggarwal, MD, Profit Idea, said, “Currently, the market is in a consolidation phase without significant triggers for aggressive buying or selling. Despite this, the underlying sentiment remains bullish, prompting investors to view dips as buying opportunities, thereby bolstering market resilience. However, sharp upward movements may trigger profit-taking, potentially limiting sustained rallies."

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