Mumbai, June 17: Domestic stock markets opened flat on Wednesday morning, following a three-day rally. This stability comes amid optimism regarding the US-Iran peace agreement and a decline in crude oil prices.
In early trading, the Sensex saw a slight increase of 8.58 points, or 0.01%, reaching 76,817.58. Meanwhile, the Nifty experienced a minor dip of 1 point, settling at 23,988.
Earlier in the session, the 30-share Sensex surged by 284.69 points, or 0.37%, hitting an intraday high of 77,093.17. The 50-share Nifty opened 58.89 points, or 0.24%, higher at 24,044.50.
On the sectoral front, the Nifty Consumer Durables index emerged as the top performer, rising by 1.26%. Following closely were the Nifty IT and Nifty Media indices.
Additionally, there was notable buying in healthcare and pharmaceutical stocks. The Nifty Pharma index rose by 0.24%, while the Nifty Healthcare index increased by 0.18%.
Conversely, selling pressure was evident in metal and real estate stocks. The Nifty Metal index fell by 0.87%, and the Nifty Realty index dropped by 0.68%. The Nifty Auto, Nifty Private Bank, and Nifty PSU Bank indices also traded in the red.
Among the Nifty 50 stocks, Hindalco Industries, NTPC, Trent, ONGC, Bharti Airtel, Dr. Reddy’s Laboratories, and Axis Bank were among the major decliners.
Market experts suggest that two key factors could influence market direction in the near term—one positive and one negative.
Experts noted, “On the positive side, crude oil prices have been consistently and sharply declining. In the past five days, Brent crude has dropped nearly 16%, now hovering around $79 per barrel, alleviating concerns about India’s widening current account deficit.”
On the negative side, concerns about food inflation are rising due to potential monsoon deficiencies. However, experts believe that monsoon activity may improve in the coming days, as seen in past trends.
They also mentioned that positive trends could persist, given the strengthening rupee, which is expected to continue its upward trajectory.
In the commodities market, international benchmark Brent crude fell by 0.72% to $78.39 per barrel, while US West Texas Intermediate (WTI) crude dropped nearly 1% to $75.35 per barrel.
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