Indian Stock Market Falls: Sensex and Nifty Close in Red on June 28

On June 28, the Indian benchmark equity indices closed in the red. The BSE Sensex fell by 210 points or 0.27% to 79,032.73, while the Nifty 50 dropped by 35 points or 0.15% to 24,010. Bank Nifty also declined by 469 points or 0.89% to 52,342.25.

Sector Performance

Several sectors, including financial services, media, and private stocks, traded in the red. Other sectors like Auto, FMCG, IT, Metal, Pharma, PSU Banks, Realty, Consumer Durables, Oil, and Gas also saw declines.

Top Gainers and Losers

The top gainers in the Nifty 50 were Dr Reddy’s Laboratories, ONGC, Reliance Industries, SBI Life Insurance, and Tata Motors. Major losers included Bharti Airtel, Axis Bank, ICICI Bank, Kotak Mahindra Bank, JSW Steel, and IndusInd Bank.

Market Activity

As of 3 p.m. on June 28, 2,200 stocks had climbed, 1,666 had decreased, and 116 remained unchanged out of the 3,982 equities traded on the BSE. Additionally, 21 stocks hit a 52-week low, and 260 stocks reached a 52-week high. Among thematic indices, Nifty Energy stocks traded high, leading with a 1.18% increase.

Expert Opinions

Ajay Bagga, a banking and market expert, said, “We expect this momentum to continue into July with the Union Budget and the results season providing the next catalysts to the market progress.” Shrikant Chouhan, Head of Equity Research, added, “The improvement in market sentiment over the past week suggests that the market has steadied post Lok Sabha elections. Markets remained optimistic about strong government support for the economy, especially for the manufacturing sector, in the upcoming Union Budget.”

Commodity Markets

Commodity markets showed mixed performance. Spot gold rebounded, closing 1.27% higher at USD 2327, while base metals and the energy complex experienced declines. US Treasury yields eased to 4.28%, putting downward pressure on the Dollar Index.