FIRST TRADE: Sensex, Nifty decline amid weak global cues; Cipla down over 2%, Tata Steel, SBI down over 1%

Stock market today: Domestic blue-chip indices Sensen and Nifty on Monday (June 24) began the session in xxx territory amid weakness in global stocks. Investors will focus on small- and mid-cap stocks after a report said the country's markets regulator Sebi was investigating allegations of "front-running" at Indian fund house Quant Mutual Fund.

Last seen, Sensex was down 424.94 points or 0.55 per cent at 76,784.96 and Nifty was down 136.1 points or 0.58 per cent at 23,365. 

Stock market today: Domestic blue-chip indices Sensen and Nifty on Monday (June 24) began the session in xxx territory amid weakness in global stocks. Investors will focus on small- and mid-cap stocks after a report said the country's markets regulator Sebi was investigating allegations of "front-running" at Indian fund house Quant Mutual Fund.

Last seen, Sensex was down 424.94 points or 0.55 per cent at 76,784.96 and Nifty was down 136.1 points or 0.58 per cent at 23,365. 

"The consolidation phase in the market is likely to continue. The near-term strength in the market is likely to come from Bank Nifty assisted by institutional buying notably from FIIs who turned buyers last week. However, SEBI investigation in the Quant Mutual Fund is a slight sentiment negative for the market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the sectoral churn happening in the market might accelerate since profit booking is happening in some overvalued sectors and money is flowing into fairly valued large caps.

As per him, there is a likelihood of the rupee turning stable with a positive upward bias in the near term on expectations of big debt inflows after the inclusion of India in the Global Bond EM Index later this month. This can act as a trigger for more FII inflows into equity, going forward..

In the broader market, Nifty Midcap 100 and Smallcap 100 were down nearly half per cent. High-beta Nifty Bank was down 0.64 per cent at 51,328.5.

BUZZING STOCKS

Ujjivan Small Finance Bank shares were down over 6 per cent after the company gave its FY25 guidance in its investor presentation.  

Cipla shares were down over 1 per cent after the USFDA conducted an investigation into the Goa manufacturing plant and issued six objections to the unit along with Form 483.

Tata Steel shares were down over 1 per cent on reports that employees of the company's UK branch could go on strike.

Conversely, Lupin shares were up over 1 per cent after the company received Establishment Inspection Report from USFDA for Somerset.

Garden Reach shares were down over 7 per cent after the company bagged over Rs 451 crore order.

Aster DM Healthcare shares were up over 2 per cent after multiple block deals.

Catch all the updates of June 24 session on Dalal Street here.For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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