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The Indian stock market continues its winning streak with the Sensex and Nifty 50 ending higher for the sixth consecutive session on June 11. Global cues and tech stock strength helped sustain positive momentum. However early morning indicators suggest a cautious start on June 12 as traders await key global economic data.
On June 11 the BSE Sensex closed at 82515 up by 123 points while the NSE Nifty 50 ended at 25141 with a 37 point gain. Small cap stocks slightly outperformed while mid-cap stocks saw mild correction. Analysts attribute the sustained rally to strong buying in IT stocks and supportive global signals.
Key drivers behind the current market trend include
Strength in global equity markets
Positive investor sentiment around India EU trade discussions
Anticipation of US inflation data which could influence global market trends
GIFT Nifty futures are trading about 30 points lower suggesting a slightly cautious opening today.
Here are the top performing stocks from the Nifty 50 index:
HCL Technologies up 3 point 2 percent
Infosys up 2 percent
Tech Mahindra up 1 point 7 percent
Wipro and Cipla also gained significantly
In the broader market GTL Gayatri Sugars and RattanIndia Enterprises posted gains of nearly 20 percent.
Stocks that saw notable declines included:
Shriram Finance down 2 point 3 percent
Power Grid Corporation down 2 percent
Bharat Electronics down 1 point 3 percent
Adani Enterprises and Adani Ports were also among the losers
Analysts remain cautiously optimistic as the Nifty is expected to trade in a tight range between 25000 and 25200. A favorable US inflation report could support further gains. On the flip side any unexpected inflation spike could trigger a short-term correction.
Valuations are slightly stretched which may result in profit booking especially in mid and small cap segments.
| Sector | Performance | Insights |
|---|---|---|
| Information Technology | Strong | HCL Infosys and Tech Mahindra led gains |
| Financial Services | Mixed | Shriram Finance underperformed |
| Mid Cap Stocks | Volatile | High momentum with increased risk |
US Consumer Price Index data to be released later today
Updates on India European Union Free Trade Agreement
Movement in GIFT Nifty to gauge intraday sentiment
The Indian stock market continues to hold ground amid global uncertainty. IT stocks are driving gains while financials and midcaps remain under pressure. Investors are advised to stay selective and monitor global data closely. Short term trend remains bullish with resistance near 25250 on Nifty 50.
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