Sensex, Nifty End Higher After Volatile Session; IT and Auto Lead Gains Amid Profit-Booking in Broader Markets
Mumbai, June 10:
The Indian stock markets ended modestly higher on Wednesday after a choppy trading session, buoyed by strength in IT and auto stocks even as profit-booking continued in midcap and smallcap segments. The BSE Sensex rose by 123.42 points, or 0.15%, to close at 82,515.14, while the NSE Nifty 50 ended 37.15 points higher at 25,141.40.
Broader Market Weakness Weighs on Sentiment
Despite the gains in frontline indices, the broader market saw considerable pressure. The Nifty Midcap 100 declined 0.49% (down 293.25 points) to 59,388.15, and the Nifty Smallcap 100 fell 0.53% (down 101.05 points) to 18,798.75, reflecting ongoing profit-booking amid elevated valuations.
Sectoral Movers: IT, Auto Shine; Banks and FMCG Lag
Among the sectoral indices:
- Top gainers: IT, auto, pharma, realty, and energy sectors.
- Lagging sectors: PSU banks, financial services, FMCG, metals, and media.
Leading the rally were HCL Tech, Infosys, Tech Mahindra, Bajaj Finserv, Tata Motors, Zomato, ICICI Bank, UltraTech Cement, and Titan.
On the downside, Power Grid, IndusInd Bank, Nestle, HUL, and HDFC Bank were among the top laggards.
Analyst View: Market Trend Remains Cautiously Positive
Nifty traded with significant intraday volatility, reflecting a cautious undertone among investors.
“Crucial support is placed at 24,850. As long as the index stays above this level, we expect the uptrend to continue, with potential upside towards 25,350 in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Analysts also noted that while profit-booking persists in the broader markets, the resilience of large-cap stocks is helping sustain benchmark indices. Institutional investors are increasingly favoring companies with stable earnings prospects.
“Auto stocks are gaining traction on the back of robust monthly sales, while optimism over a potential US-China trade thaw is boosting sentiment in the IT sector,” said Vinod Nair, Head of Research, Geojit Financial Services.
Global Cues and Currency Movement
Markets now await key macroeconomic cues, particularly US inflation data, which is expected to show a slight uptick amid recent tariff hikes. This uncertainty has led to a lack of clear direction following the recent rally. Meanwhile, the Indian rupee traded positively, gaining 0.10 to close at 85.44 against the US dollar. Analysts expect the currency to trade within the range of 85.25 to 85.85, supported by sustained FII and DII inflows, even as the Dollar Index remained largely flat.
