Stock market today: Snapping their two-day winning run, frontline indices the Sensex and the Nifty 50, ended lower on Monday, 29 June, due to profit booking amid an uptick in crude oil prices following fresh strikes between the US and Iran.
The Sensex ended the day 372 points, or 0.48%, lower at 76,728.37, while the Nifty 50 settled at 23,946.25, down 110 points, or 0.46%.
The mid and small-cap segments also suffered losses. The Nifty Midcap 100 index dropped 0.37%, while the Smallcap 100 index declined 0.62%.
Investors lost over ₹1 lakh crore in a single session as the overall market capitalisation of BSE-listed firms dropped below ₹474 lakh crore from ₹475 lakh crore in the previous session.
Brent crude traded above $72 per barrel. Meanwhile, the rupee settled 9 paise lower at 94.54 per dollar.
What moved the market today?
The stock market saw profit-taking as crude oil prices rose by more than 1% amid fresh hostilities in the Middle East. Iran said on Sunday that it had launched a third consecutive day of retaliatory in response to US attacks on its territory.
Meanwhile, fresh suggested that Washington and Tehran will halt strikes and that commercial vessels will once again be allowed to move freely, as technical talks are scheduled to continue.
Reliance, Kotak Mahindra Bank, Mahindra and Mahindra, Larsen and Toubro, and Maruti Suzuki ended as the top drags on the Sensex index.
“Profit booking persisted near key psychological levels as investors remained cautious about the sustainability of the interim US–Iran peace agreement,” Vinod Nair, Head of Research, Geojit Investments, noted.
As per Nair, the market currently lacks a clear near-term direction, with expectations for the Q1FY27 earnings season remaining subdued amid supply constraints, persistent inflationary pressures, and a weak monsoon outlook, all of which are likely to weigh on margins.
Top Nifty gainers and losers today
Some 27 stocks in the index ended higher, among them Max Healthcare Institute, Dr Reddy’s Laboratories, and Coal India were the top gainers.
On the flip side, Kotak Mahindra Bank, Mahindra & Mahindra, and Adani Enterprises ended as the top laggards in the index.
Sectoral indices today
Nifty Pharma, Metal, and Healthcare indices rose by 1% while the rest ended in the red.
Nifty Auto lost 2%, while Media, IT, and Oil and Gas fell more than 1% each. Nifty PSU Bank, Private Bank, Consumer Durables, and Realty fell up to 1%.
Bank Nifty fell 0.77%, while the Financial Services index declined 0.64%.
Most traded stocks today
Vodafone Idea, YES Bank, Canara Bank, NHPC, Samvardhana Motherson International, Adani Power, Saksoft, and GMR Airports were the most traded stocks, or most active stocks in terms of volume, on the NSE.
More than 150 stocks hit 52-week highs; almost 100 drop to 52-week lows
As many as 166 stocks, including Apollo Hospitals Enterprise, Aurobindo Pharma, Bharat Forge, Dr Reddy’s Laboratories, GMR Airports, Oracle Financial Services Software, and Torrent Pharmaceuticals, hit their 52-week highs on the BSE.
On the other hand, HCL Technologies, Bharti Hexacom, LTM, Patanjali Foods, Persistent Systems, PI Industries, Supreme Industries, Swiggy, and UPL were among the 98 stocks that hit their 52-week lows in intraday trade on the BSE.
Nifty’s technical outlook
As per Shrikant Chouhan, the head of equity research at Kotak Securities, 24,000 would act as an immediate reference point for day traders. Below this level, the market could retest the 50-day SMA (simple moving average) or levels of 23,800–23,750. On the flip side, above 24,000, the rally could continue towards 24,150–24,200.
“The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” said Chouhan.
Sudeep Shah, the head of technical and derivatives research at SBI Securities, said the 20-day and 50-day EMA zone of 23,850–23,800 may act as immediate support for the index.
“A decisive breach below 23,800 could trigger further downside, dragging the index towards the 23,650 level. On the upside, the zone of 24,070–24,100 is likely to act as a key resistance, posing a significant hurdle for any sustained upward move,” said Shah.
According to Vipin Kumar, AVP- Equity Research and PMS at Globe Capital Market, the Nifty index is hovering within a 400–500 point consolidation range (23,800–24,300 spot zone) placed between its two-month and six-month EMAs.
“A decisive break on either side of this range will set the floor for the next short-term directional move. A decisive close above 24,250 could lead it towards the 24,600 spot in the near term. Conversely, sustained trading below 23,800 might drag the index towards 23,600–23,500 spot levels,” said Kumar.
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