In a day marked by a lackluster trading session, the Indian stock market witnessed minor cuts, with the Nifty 50 index slipping below the 18,600 mark. The benchmark BSE Sensex fell by 223 points, closing at 62,626, while the Nifty 50 declined by 71 points to settle at 18,563.

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The Nifty Bank index experienced a marginal dip of 6 points, ending the day at 43,989. Similarly, the Midcap Index also saw a slight decline of 47 points, closing at 34,153.

Hero MotoCorp, Divis Laboratories, Tata Steel, HDFC Life, and Eicher Motors were the top losers on the Nifty 50 while IndusInd Bank, Axis Bank, L&T, Adani Enterprises, and Power Grid Corporation were the top gainers.

In terms of sectors, Nifty capital goods climbed 1 percent. However, FMCG, PSU Bank, Information Technology, metal, and oil and gas sectors saw a decline of 0.5-1 percent.

On the other hand, IEX (Indian Energy Exchange) witnessed a significant fall of 15 percent over the course of two sessions after the Power Ministry wrote to the Central Electricity Regulatory Commission (CERC) regarding market coupling.

Insurance companies faced pressure due to a brokerage downgrade, resulting in a 1-3 percent drop in their stock prices. Meanwhile, IndusInd Bank surged by 3 percent as Morgan Stanley raised the target for the stock. However, Kotak Mahindra Bank closed with a 1 percent cut as the Canada Pension Fund sold a 1.6 percent stake in the company.

In the cement sector, stocks reversed the cuts seen on Thursday, with India Cements witnessing a rise of 7 percent. Sugar stocks also experienced gains driven by improved global prices, with Balrampur Chini Mills up by more than 2 percent.

Defence stocks continued their upward trajectory, with HAL (Hindustan Aeronautics Limited) surging by 6 percent to reach a record high. On the other hand, SRF, Voltas, Deepak Nitrite, and ICICI Lombard emerged as the top midcap losers.

Paytm extended its gains from Thursday's trading session, posting its biggest weekly gain in four months.

The market breadth favored declines, with an advance-decline ratio at 1:1, reflecting a balanced market sentiment

Also read: Stock Market Highlights: Sensex, Nifty 50 end lower dragged by IT shares, up for third straight week

First Published:Jun 9, 2023 3:51 PM IST