The Indian stock market ended in the green in Thursday’s trade, June 25, but retreated sharply from the day’s highs as investors booked profits at higher levels, triggering a reversal in the benchmark indices during the second half of the session.
The day began on a solid note, with the market gaining further momentum in early trade, buoyed by a strong rally in auto and FMCG stocks. However, the market could not sustain the pace as the session progressed, giving up most of its gains to end with marginal advances.
The Nifty 50 retreated 240 points from the day’s high to settle at 24,056, up 0.14% from the previous close. Meanwhile, the Sensex erased 707 points from its intraday high to conclude the session with a similar gain of 0.14%, closing at 77,098.
The broader market also displayed a similar trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 giving up all their intraday gains to end the session lower.
Sectoral performance was mixed, with the Nifty Auto and Nifty FMCG indices posting gains of 2.25% and 0.70%, respectively. On the flip side, the Nifty Metal, Nifty Oil & Gas and Nifty IT indices declined 1.37%, 0.87% and 0.86%, respectively.
In the commodity market, crude oil prices continued to drift lower, with Brent crude falling to pre-war levels. This eased concerns over domestic inflation, as India remains one of the world’s largest oil importers.
Auto, Tata group stocks lead market gains; Paytm and HFCL extend rally
The auto and auto ancillary pack stole the show, led by Motherson Sumi Wiring India, which surged 9% to ₹41.30 apiece. It was followed by Tata Motors and Samvardhana Motherson International, with both stocks rallying 5%.
Other auto stocks, including Mahindra & Mahindra, TVS Motor Company, Maruti Suzuki India, UNO Minda, and Force Motors, closed higher by between 2.5% and 4%.
Apart from Tata Motors, other Tata group stocks, including Tata Consumer Products, Tata Capital, and Tata Chemicals, also rallied over 2.5%. Extending its bull run for the second consecutive day, Paytm shares surged another 3.5% to ₹1,124 apiece.
HFCL also remained higher for the second day in a row, gaining another 5% to ₹215 apiece. Meanwhile, capital goods stocks regained strength following the recent sell-off, with Siemens, Cummins India, and Thermax closing higher by over 1.5%.
(more to come)