How does Indian stock market performed today 29-06-2024
The stock market performance today can be summarized as follows ¹:
1. Sensex closed at 79,243.18: This is a 0.72% increase from the previous day.
- New closing peak: This figure represents a 0.72% increase from the previous day, setting a new closing peak ¹.
-Benchmark index: The Sensex is India's benchmark stock index, which tracks 30 leading companies listed on the Bombay Stock Exchange (BSE), reflecting overall market sentiment and economic health ².
- Market trends: The Sensex's performance is closely watched by investors and analysts, as it provides insights into the overall market trends and sentiment ³.
2.Nifty 50 is up 10% in the first half of the year: Nifty's surge from 23,000 to 24,000 was achieved in a record 17 sessions.
- Record highs: The Nifty 50 rose 10.5% in the first half of 2024, hitting a record high of 24,174 points ¹.
- Sensex gain: The Sensex clocked a 9.4% gain in the same period, reaching a record high of 79,671.58 ¹.
- Mid and small-cap outperformance: The Nifty Midcap 150 index jumped 25%, while the Nifty Smallcap 250 index saw a gain of 22% year-to-date ¹.
- Sector-wise performance: Auto stocks led the gains, followed by financials, with Mahindra and Mahindra, Adani Ports, and Shriram Finance being the top gainers in the Nifty 50 index ².
- Market sentiment: The rally was driven by positive economic indicators, expectations of policy continuity, and renewed foreign inflows, despite global uncertainties ².
3.Foreign investors turn big bulls ahead of Budget: Shedding election jitters, foreign investors have turned bullish ahead of the Budget.
- Bullish streak: Foreign investors in India's equity markets are on a bullish streak ahead of the Union budget, driven by expectations of policy continuity and economic stability ¹.
- Election jitters shed: The initial jitters regarding election results have given way to a sense of stability, with Narendra Modi returning as Prime Minister for a third successive term ¹.
- Net buyers: Foreign investors turned net buyers in June, after two straight months of selling ahead of the budget, with a net investment of ₹18,807 crore this month ².
- Positive outlook: The focus is now mainly on corporate earnings and the relative valuation of companies, with a positive outlook on the economy and markets ³.
4.Mid and small caps thrive in H1 2024: Mid and small caps have performed well in the first half of 2024, but valuation concerns loom for H2.
- Outperformance: Mid and small-cap stocks have performed well in the first half of 2024, with the Nifty Midcap 150 index jumping 25% and the Nifty Small cap 250 index seeing a gain of 22% year-to-date .
- Leadership: Midcaps have taken the lead, with stocks like Mahindra & Mahindra, Adani Ports, and Shriram Finance being the top gainers in the Nifty 50 index .
- Sector-wise performance: Auto, metal, and realty stocks have been the top performers in the midcap space, while IT, pharma, and FMCG stocks have relatively underperformed .
- Valuation concerns: Despite the outperformance, valuation concerns loom for H2, as mid and small caps are now trading at premium valuations compared to large caps .
- Caution advised: Investors are advised to be cautious and selective in their stock picks, focusing on quality and growth potential rather than just momentum .
5.FPI inflows poised to surge: FPI inflows are expected to surge after a modest H1 2024, with June seeing a strong recovery.
- Recovery: FPI (Foreign Portfolio Investment) inflows are expected to surge after a modest first half of 2024, with June seeing a strong recovery.
- Net investment: FPIs made a net investment of ₹18,807 crore in June, the highest monthly inflow since October 2022.
- Global factors: The surge in FPI inflows is attributed to global factors such as:
- US Federal Reserve's dovish stance
- Easing of global interest rates
- Weakening of the US dollar
- Domestic factors: Domestic factors such as:
- Stability in the government
- Expectations of policy continuity
- Economic growth prospects
- Market impact: The surge in FPI inflows is expected to boost market sentiment, leading to further gains in the stock market.
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