Share Market Highlights 18th June 2024: Sensex hits new closing peak, Nifty hits record closing high
On June 18, 2024, Sensex hit 77,308.45 (+0.41%) and Nifty reached 23,560.70 (+0.41%), led by consumer durables and realty sectors, while healthcare and media lagged.
On June 18, 2024, the Indian stock markets witnessed significant activity, marking new milestones for the Sensex and Nifty indices. The Sensex closed at a record high of 77,308.45, an increase of 315.68 points, or 0.41%. Similarly, the Nifty ended the day at 23,560.70, up by 95.10 points, or 0.41%. This positive movement was driven by robust performances in key sectors and favorable global market trends.
A closer look at the sectoral indices reveals a mixed bag of results, with the majority of them ending in the green. The Nifty Consumer Durables index led the pack with a significant gain of 1.46%. This surge was largely attributed to increased consumer spending and optimism around upcoming festive sales. The Nifty Realty index followed closely, rising by 1.36%, buoyed by strong demand in the real estate market and positive sentiment around new project launches.
The banking sector also showed strength, with the banking index climbing 0.81%. Major contributors to this rise included heavyweights like ICICI Bank and HDFC Bank, which saw substantial buying interest. Financial services mirrored this trend, with the index up by 0.63%, reflecting investor confidence in the financial sector's stability and growth prospects.
Conversely, the healthcare and media indices were the day's major laggards. The healthcare index faced pressure due to profit booking and concerns over regulatory challenges. The media sector experienced a dip as investors reacted to mixed quarterly results and uncertainties around advertising revenues.
Among individual stocks, Shriram Finance emerged as the top gainer on the NSE, rising by 3.30%. Power Grid and Wipro were also notable gainers, with their shares increasing by 3.22% and 3.05%, respectively. Titan and Adani Enterprises rounded out the top five gainers, posting gains of 1.72% and 1.56%.
On the flip side, shares of LIC dipped by 1.12% after the company clarified that news reports about a significant property sale were incorrect. This clarification came after market speculation that LIC was planning to raise $6-7 billion through property sales, which turned out to be unfounded. As a result, LIC's stock traded at ₹1,054.95 on the NSE.
In other corporate news, UFO Moviez India Ltd saw its stock rise by 1.28% to ₹126.80 on the BSE following the announcement of a long-term partnership with Gofilex for the electronic delivery of movies in India and Nepal. H.G. Infra Engineering Ltd also reported gains, with its stock trading higher on the NSE at ₹1,779, up by 2.37%. This uptick was in response to the company securing a significant contract from the South Central Railway for track doubling between Karanjgaon station, valued at ₹447.11 crore.
The currency market also saw notable activity, with the Indian rupee appreciating by 13 paise to settle at 83.42 against the US dollar. This improvement was driven by fresh inflows of foreign capital and a positive trend in the domestic equity markets, which reached new highs. The strengthening rupee reflects investor confidence in the Indian economy and its growth trajectory.
Overall, the market sentiment remained bullish throughout the day, supported by strong performances in key sectors and positive global cues. The upward trajectory of the benchmark indices indicates a healthy appetite for risk among investors, driven by expectations of sustained economic recovery and growth.
The day's trading activity underscores the dynamic nature of the Indian stock markets, with various sectors and individual stocks reacting to a mix of corporate announcements, economic data, and global market trends. As investors continue to navigate this complex landscape, the performance of indices like the Sensex and Nifty serves as a barometer of market confidence and economic health.
June 18, 2024, was a landmark day for the Indian stock markets, with the Sensex and Nifty reaching new heights. The positive momentum was fueled by gains in key sectors such as consumer durables, realty, and banking, while the currency market also saw the rupee strengthen against the US dollar. Despite some sectors like healthcare and media facing challenges, the overall market sentiment remained optimistic, reflecting investor confidence in India's economic prospects.
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