Indian equity benchmarks opened on a flat note on Tuesday, June 18, with the Sensex declining 24 points and the Nifty holding steady around the 24,050 mark. The market showed mixed trends as IT stocks dragged, while auto and pharma sectors provided support.
Market Performance at Opening Bell
The BSE Sensex opened at 79,200, down 24 points from the previous close. The NSE Nifty started at 24,050, hovering near the flat line. The broader market indices also traded mixed, with midcap and smallcap stocks showing divergent movements.
Sectoral Trends
IT stocks were the major losers, dragging the indices lower. The BSE IT index fell by 0.5% in early trade. On the other hand, auto and pharma stocks gained, providing some cushion to the market. The BSE Auto index rose 0.3%, while the BSE Healthcare index added 0.2%.
Key Movers and Shakers
Among the Sensex stocks, Infosys, TCS, and HCL Tech were the top losers, declining up to 0.8%. Meanwhile, Maruti Suzuki, Sun Pharma, and Dr Reddy's Labs were among the gainers, rising up to 0.6%.
Global Cues and Outlook
Asian markets traded mixed, with Japan's Nikkei gaining 0.3% while China's Shanghai Composite slipped 0.2%. US markets ended lower overnight, which weighed on sentiment. Analysts expect the market to remain range-bound with a positive bias, as investors await further triggers from the upcoming budget and quarterly earnings.
The volatility index, India VIX, eased slightly, indicating some stability in market sentiment. However, traders remain cautious due to global uncertainties and domestic inflation concerns.
