FIRST TRADE: Sensex, Nifty subdued; PNB Housing down over 4%

Stock market today: The Indian share market on Thursday (June 20) began the session with mild gains after hitting record highs in the previous session. Last seen, Sensex was up 80.96 points or 0.10 per cent at 77,418.55 and Nifty was up 16.05 points or 0.07 per cent at 23,532.05. 

"The current distinct trend in the market is the sectoral churn happening somewhat strongly. Huge money is flowing into fairly valued large caps in banking and profit booking is happening in sectors like capital goods, telecom, metals, and FMCG. This churn is likely to continue in the near term since it is a healthy trend. The overvalued broader market space also is taking a breather," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the money flowing into the market continues unabated. The trend of FII selling also appears to be over since they turned big buyers yesterday posting positive buy numbers for June. With both FIIs and DIIs turning buyers, the market is likely to remain resilient. But high valuations can trigger profit booking and selling anytime.

As per him, large cap banks continue to be safe bets and there is contra value buying opportunity in IT stocks which are facing temporary headwinds.

In the broader market, Nifty Midcap 100 and Smallcap 100 were down over 0.20 per cent. High-beta Nifty Bank was up 0.51 per cent at 51,661.4.

BUZZING STOCKS

RateGain shares were up over 6 per cent after multiple block deals of 17.5 lakh shares took place. 

MAS Financial Services shares were up over 3 per cent after its QIP issue opened.

Brigade Enterprises shares were up over 3 per cent after the company signed an agreement to build the World Trade Center tower in Info Park Kochi

Awfis Space Solutions shares were up over 6 per cent after the company reported Q4 results. 

Conversely, PNB Housing shares were down over 4 per cent after reports about block deals.

SOM Distilleries shares were down over 3 per cent after the company clarified reports around child labour issues.

KEI Industries shares were down nearly 3 per cent after production stopped due to a strike declared by employees from June 19, 2024.

Catch all the updates of June 20 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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