FINAL TRADE: Nifty at 23,538, Sensex gains 131 pts led by auto, FMCG stocks

Stock market today: Benchmark equity indices gained in trade on Monday, June 24 led by auto and FMCG stocks despite weak trends, global markets, and fresh foreign fund outflows during afternoon trade. The 30-share BSE Sensex rose 131.18 points or 0.17 per cent to settle at 77,341.08. NSE Nifty gained 36.75 points or 0.16 per cent to close at 23,537.85. 

M&M, Power Grid, Shriram Finance, Sun Pharma, and Grasim led the gains in the Nifty 50 universe while IndusInd Bank, Cipla, Adani Ports, Coal India, and Tata Steel were the top decliners.

"Despite the market being on a consolidative path, sectoral churning is visible in FMCG and consumer durables in anticipation of the budget expectations," Vinod Nair, Head of Research, Geojit Financial Services said.  

"Better tax collection and dividends from the RBI will encourage GoI on rural spending and tax benefits. In mid- and small caps, though the margin of safety in terms of valuation remains lacking, investors are keener on the growth story in capital goods, infra, auto, etc," he added.

Among the Nifty companies, 30 were advancing while 20 were declining. 

The domestically focussed Nifty SmallCap 100 closed down 0.10 per cent, while Nifty MidCap100 settled 0.27 per cent higher, respectively.

The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank finished flat, down 0.08 per cent or 42.5 points at 51,703.95.

Global Market

European shares gained on Monday, shrugging off initial losses as automobile and bank stocks rose, while investor's focus remained on the first round of French parliamentary elections later this week. Last seen, the pan-European STOXX 600 0.4 per cent.

(With agency inputs)

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