BUSINESS

Boom Times On Bourses In June

By Sundar Sethuraman
June 29, 2024 09:45 IST

In June, Sensex went up 6.6% and Nifty 6.9%, their best monthly gains since December 2023.

IMAGE: A view of the Bombay Stock Exchange in Mumbai. Photograph: ANI Photo
 

After posting mild losses in May, benchmarks Sensex and Nifty rallied and posted their best monthly gains in six months.

So far in June, Sensex went up 6.6 per cent and Nifty 6.9 per cent, their best monthly gains since December 2023.

Gains were broad-based, with the Nifty Midcap 100 rising 7.8 per cent and Nifty Small Cap 100 surging 9.7 per cent.

For the Nifty Midcap index, this is the best month since November 2023, while for the Small Cap 100 it is the best month since April.

The gains come amid the background of strong economic data and optimism around the functioning of the new government.

India's market capitalisation rose by Rs 27 trillion to Rs 439 trillion.

Though the markets declined after the election results, they recovered swiftly after the ruling National Democratic Alliance formed the government and retained many of its Cabinet ministers, signalling policy continuity.

The robust macros also boosted sentiment.

After being net sellers in the previous two months, foreign portfolio investors (FPIs) turned net buyers and bought shares worth Rs 24,387 crore (Rs 243.87 billion).

Domestic institutional investors (DIIs) were net buyers worth Rs 21,975 crore (Rs 219.75 billion).

DIIs have been buyers since July 2023 and have bought shares worth Rs 3.3 trillion during this period, of which Rs 2.3 trillion came during this calendar year.

IT, realty and financial were the best-performing sectors, while public sector undertaking banks were laggards.

Shriram Finance, Ultratech Cement and Wipro were the best-performing Nifty stocks, while Adani Enterprises, Coal India and Larsen and Toubro fell the most in the Nifty pack.

Feature Presentation: Ashish Narsale/Rediff.com

Sundar Sethuraman
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