The Indian stock market witnessed a modest gain at the closing bell after a range-bound session on Monday. The benchmark Nifty 50 index managed to rise 26 points to reach 18,691, while the BSE Sensex slipped marginally by 9 points to settle at 62,970. In the banking sector, the Nifty Bank index recorded a gain of 18 points, closing at 43,641, while the midcap index surged by 321 points to reach 35,120.

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Rajesh Bhosale, Technical Analyst at Angel One said "Bank Nifty initially showed a mild positive start to the week, but quickly reversed its gains after opening. Throughout the session, the high beta index experienced choppy movement within a 100-point range. Eventually, prices ended flat just below 43650. The zone of 43300-43500 has served as a rock-solid support level for over a month. Conversely, a descending trendline resistance is observed around 44000 levels. A breakthrough above these levels could initiate a momentum move,"

Market sentiment was mixed as a few heavyweight stocks, including Reliance Industries, TCS, and HDFC Bank, weighed on the overall market performance.

However, Adani Group stocks showed signs of recovery, recouping some of the losses incurred on Friday. These stocks registered gains ranging from 1 percent to 5 percent

On the sectoral front, auto and pharma were up 1 percent each, while FMCG and metal indices rose 0.5 percent each.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said, "Pharma, Auto, FMCG, and Consumer Durables were top gainers today. However, PSU Bank and Oil & Gas witnessed selling and closed in the red. Sentiments have been dented on account of concern surrounding economic growth globally and rising geopolitical issues within Russia. We expect the market to consolidate in the near term before resuming the upward journey. Sectors like Auto, and FMCG would be in focus with the progress of the monsoon. The primary market is also in buzz with the Ideaforge IPO getting subscribed 2.5x on the first day itself, while Cyient DLM IPO will be open for retail participants on Tuesday,"

Meanwhile on a global front Asian stocks experienced a decline on Monday, driven by concerns over the brief outbreak of violence in Russia, which further contributed to the uncertainty surrounding the conflict in Ukraine. While benchmarks in Tokyo, Sydney, Hong Kong, and Shanghai faced losses, Seoul managed to gain.

Japan's benchmark index, the Nikkei 225, witnessed a drop of approximately 0.3 percent, closing at 32,698.81. On the other hand, South Korea's Kospi rose by 0.5 percent, reaching 2,582.20. Hong Kong's Hang Seng fell by 0.2 percent, settling at 18,853.18, while Shanghai Composite, which reopened after a holiday, experienced a decline of 1.5 percent, closing at 3,150.62. Australia's S&P/ASX 200 index also faced a decline of 0.3 percent, reaching 7,078.70.

Also read: Stock Market Highlights: Sensex, Nifty 50 end mixed, Midcap index snaps losing streak

First Published:Jun 26, 2023 3:53 PM IST