FIRST TRADE: Sensex, Nifty edge higher amid strong global cues

Stock market today: Domestic benchmark indices Sensex and Nifty on Tuesday (June 25) began the session in the positive territory amid strength in global stocks. Last seen, Sensex was up 171.18 points or 0.22 per cent at 77,512.26 and NSE Nifty rose 47.85 points or 0.20 per cent at 23,585.7. 

"The sharp bounce back in Nifty by 7.5% from the June 4 lows indicates that the undercurrent of this market is bullish. High valuations may prompt selling by FIIs and profit booking by DIIs but the exuberant retail investors are likely to buy every dip since the ‘buy on dip strategy’ has worked very well in this bull market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added positive news from the market perspective is the current account turning surplus in Q4 FY24. This will take away the pressure on the rupee and pave the way for FII inflows when clarity emerges on the Fed rate cuts.

As per him, the churn in the market in favour of fairly valued large caps, particularly in banking, is likely to continue. From a valuation perspective, PSU banks look attractive."

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in firm green. High-beta Nifty Bank was up 0.42 per cent at 51,922.45.

BUZZING STOCKS

Borosil Ltd shares were up over 3 per cent after its QIp opened on Monday.

Dalmia Bharat shares were down over 1 per cent after the fourth phase of critical mines auctioned.

Amara Raja Energy & Mobility shares touched its 20 per cent upper circuit.

Zomato shares were up over 1 per cent after global brokerages iterated a buy call  

Conversely, Happiest Minds shares were down over 7 per cent after 6.1 per cent of shares changed hands via multiple block deals.

Bandhan Bank shares were down over 2 per cent after the Reserve Bank of India (RBI) appointed additional dir

Catch all the updates of the June 25 session on Dalal Street here.For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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