Stock market today: The domestic benchmark indices, the Sensex and Nifty 50, began Monday’s session on a negative note due to a report indicating that the country’s markets regulator was looking into claims of “front-running” at Indian fund company Quant Mutual Fund. Selling pressure in bank and metal stocks also weighed on the key indices amidst global economic uncertainty.
The 30-share BSE Sensex opened lower by 324.18 points or 0.42% at 76,885.65 level while the Nifty 50 started off at 23,382.30 level, up 118.80 points or 0.51%.
According to Ruchit Jain, Lead Research Analyst at 5paisa, Nifty 50 has seen a lower opening for the week, but has not yet breached its immediate supports, which are placed around 23,350 and 23,150 (20DEMA). This just seems to be a pullback move within an uptrend where stock-specific action would be seen in the near term while the index could see buying interest if it approaches the 20 DEMA support.
On the broader market front, the Nifty Midcap 100 was trading 0.91% lower, while the Nifty SmallCap 100 ended down 1.21%, both underperforming the benchmark indices.
Since the Securities and Exchange Board of India (SEBI) was reportedly looking into claims of front running—that is, dealing on price-sensitive information prior to its public release—at Quant Mutual Fund on Sunday, the larger, more domestically focused small- and mid-caps were under scrutiny.
“The week has started on a negative note, with the broader market under pressure. Overall, a profit booking is happening with prices continuing to consolidate sideways. For the current monthly expiry, the next key support is at 23,200, which is 20 ema, whereas 23,600 remains a key hurdle,” Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.
(more to come)
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Published: 24 Jun 2024, 09:23 AM IST
