Stock market today: Domestic benchmark indices Sensex, Nifty on Thursday (June 27) began the session in negative territory amid profit booking on the monthly derivative's expiry day. At the last count, Sensex was down 0.14 per cent or 112.85 points at 78,561.4 and Nifty declined 0.15 per cent or 36.9 points at 23,831.9.

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"The market will remain bullish in the near term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80000 levels. A healthy trend in the market is that now the up move is being led by fundamentally strong large caps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday joining the bull bandwagon, the rally has the strength to continue," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

However, Dr. V K Vijayakumar added the rise in U.S. bond yield might perhaps trigger some large FII selling in the coming days putting brakes on the rally. So long as the massive domestic liquidity support to the market continues there are no potential triggers that can cause a sharp correction in the market. 

As per him, PSU banks look attractive from the valuation perspective, and therefore, they have the potential to react positively to good Q1 results.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in the green. High-beta Nifty Bank was flat with a negative bias at 52,845.7.

BUZZING STOCKS

Dr Reddy's Labs shares were up over 1 per cent after reports on a big deal related to Nicotinell's portfolio acquisition with Haleon Group. 

PI Industries shares were up over 2 per cent after its board approved to acquire of Plant Health Care Plc.

CSB Bank shares were up over 4 per cent after reports about FIH Mauritius Bank likely to sell a 9.72 per cent stake in the company through a block deal.  

India Cements shares were up over 8 per cent after multiple block deals.

Whirlpool Corp shares were up over 9 per cent after Reuters reported Bosch may take over Whirlpool Corp on a global level. 

Conversely, Archean Chemical shares were down over 3 per cent after India Resurgence Fund – Scheme 1 and Scheme 2 and Piramal Natural Resources likely to sell a 10.13 per cent stake in the company.

Catch all the updates of June 27 session on Dalal Street here.For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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