Nifty, Sensex end lower as IT stocks weigh; midcaps lag
Benchmark indices closed marginally lower on Thursday, 11 June, with the Nifty 50 ending near 23,160 and the Sensex around 73,833, as weakness in IT stocks, elevated crude prices and Middle East tensions pressured sentiment.
Intraday volatility was high, with both indices recovering from sharp early losses before late selling pulled them back into the red.
Market overview
| Index | 11 Jun Close | Move & % Change | Comments |
|---|---|---|---|
| Nifty 50 | 23,161.60 | -53 pts (-0.23%) | Recovered from deeper losses, but IT selling capped gains. |
| Sensex | 73,832.55 | -151 pts (-0.20%) | Swung between 73,519 and above 74,000 during session. |
| Nifty Midcap 100 | NA | approx. down 1% | Broader market underperformed large caps. |
| Nifty Smallcap 100 | NA | approx. down 1% | Risk appetite weak beyond frontline names. |
Note: figures are approximate; final exchange data not available at time of publication.
- Early trade: Sensex fell 464 pts to 73,518.75, Nifty dropped 143 pts to 23,072.05.
- Indices briefly turned positive around mid-session before renewed selling.
- Volatility linked to weekly derivatives expiry and global risk-off mood.
- Market breadth weak, with midcap and smallcap indices trailing benchmarks.
Key Nifty and Sensex movers
Nifty 50 top gainers
| Stock | Sector | Notable Factor |
|---|---|---|
| Kwality Wall’s | NA | Led index gainers with 5.61% rise. |
| ICICI Bank | Banking | Rose 1.84%, supported banking index resilience. |
| Mahindra & Mahindra | Auto | Gained 1.64% on continued buying interest. |
| Kotak Mahindra Bank | Banking | Added 1.36%, aided frontline financials. |
| JSW Steel | Metals | Up 0.99%, supported by selective metal buying. |
Nifty 50 top losers
| Stock | Sector | Notable Factor |
|---|---|---|
| Infosys | IT Services | Fell 2.69%, dragged IT index lower. |
| HCL Technologies | IT Services | Declined 1.94% amid sector-wide selling. |
| Eternal | NA | Dropped 1.92% on profit-taking. |
| Adani Ports and SEZ | Ports & Logistics | Lost 1.88%, weighed on infra pack. |
| Trent | Retail | Down 1.60% after recent outperformance. |
- Sensex gainers included ICICI Bank, M&M, Kotak Bank, Sun Pharma, Bharti Airtel.
- Sensex losers mirrored Nifty with Infosys, HCL Tech, Adani Ports, Trent among key drags.
Broader market gainers
Top gainers in wider universe
| Stock | Sector | Notable Factor |
|---|---|---|
| Aegis Logistics | Oil & Gas logistics | Jumped 16% after brokerage upgrade and higher target price. |
| Zee Entertainment | Media | Gained 8.3% after ₹2,300 crore fund-raise plan. |
| DOMS Industries | Consumer / Stationery | Rose 6.5% on asset purchase deal with Reynolds Pens India entities. |
| Tejas Networks | Telecom equipment | Advanced between 3% and 6% with other midcap gainers. |
| Vodafone Idea | Telecom | Rebounded 2% after three weak sessions. |
- Blue Jet Healthcare, Wockhardt, Poly Medicure, Saregama India, Apar Industries, Aavas Financiers gained 3% to 6%.
- Sugar stocks such as Balrampur Chini Mills rallied on extended excise duty exemption for higher ethanol blends.
Broader market losers
Top losers in wider universe
| Stock | Sector | Notable Factor |
|---|---|---|
| Jain Resource Recycling | Metals / Recycling | Slumped 9.7%, weakest among tracked names. |
| Balkrishna Industries | Tyres | Fell over 5% amid profit-taking. |
| CCL Products India | FMCG / Beverages | Declined more than 5%. |
| Cemindia Projects | Infrastructure | Dropped over 5%, extended recent weakness. |
| Paytm | Fintech | Lost 4%, hit lowest level since 7 April. |
- Adani Energy Solutions and Adani Power declined 4.5% and 2.3% respectively.
- Ola Electric fell 3.8%, but remained over 100% above recent lows.
- Reliance Power extended losses, down another 4%.
- Tata Technologies, IDBI Bank, Engineers India, Sammaan Capital, Pine Labs, Welspun Living slipped more than 3%.
Sectoral action
| Sector/Index | Direction (approx.) | Key Drivers |
|---|---|---|
| Nifty IT | down over 1% | Selling in Infosys, HCL Tech led sector decline. |
| FMCG | down | Weakness in HUL and select staples. |
| Energy & Oil-linked | down | Elevated crude prices and geopolitical risks. |
| Realty | down | Risk-off sentiment in high beta names. |
| PSU Banks | down | Tracked broader market weakness. |
| Consumer Durables & Chemicals | down | Profit-taking after recent gains. |
| Banking (private) | mixed to up | Support from ICICI Bank, Kotak Bank. |
| Pharma | up | Sun Pharma, Cipla lent defensive support. |
| Nifty Media | up 1.78% | Outperformed, helped by buying in select media stocks. |
- Sector rotation evident, with defensives and private banks cushioning index fall.
- Media index closed at 1,465.50, outperforming all major sectors.
Global and macro cues
- Geopolitical tensions rose after US attacks on Iran continued for a second day.
- Iran reportedly retaliated with strikes on Bahrain, Kuwait and Jordan.
- Concerns increased over disruptions to shipping through the Strait of Hormuz.
- Elevated crude prices and fears of prolonged regional conflict weighed on risk assets.
- Stronger US inflation data kept worries over elevated global interest rates alive.
- Persistent FII outflows and a weaker rupee added to domestic caution.
Technical outlook for Nifty 50
- Market remained volatile around weekly options expiry.
- Traders noted selling pressure on rallies despite selective buying in heavyweights.
- Key support flagged near the 23,000 level on the Nifty 50.
- A decisive break below 23,000 could trigger further correction.
- Upside momentum seen capped around 23,500 in the near term.
- “Sentiment is fragile due to geopolitical escalation and concerns over elevated global interest rates after stronger US inflation data.”
— Ajit Mishra, SVP, Research, Religare Broking Limited
FAQs
Q: Why did the Nifty 50 and Sensex close lower on 11 June?
- Indices fell on selling in IT stocks, elevated crude prices, Middle East tensions, FII outflows and a weaker rupee.
Q: Which stocks were the major gainers in the broader market?
- Aegis Logistics, Zee Entertainment, DOMS Industries, Tejas Networks, Blue Jet Healthcare and Wockhardt were among key gainers.
Q: What are the key technical levels to watch on the Nifty 50?
- Support is near 23,000, while upside is seen capped around 23,500 in the short term.
Frequently Asked Questions
Why did the Nifty 50 and Sensex close lower on 11 June?
They slipped on selling in IT stocks, elevated crude prices, Middle East tensions, persistent FII outflows and a weaker rupee.
Which stocks led the gains in the broader market on 11 June?
Aegis Logistics, Zee Entertainment, DOMS Industries, Tejas Networks, Blue Jet Healthcare and Wockhardt were among the notable gainers.
What key support and resistance levels are traders watching on Nifty 50?
Analysts flagged support near 23,000 and an upside cap around 23,500 in the near term.
Disclaimer
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