Market Wrap, June 16: SENSEX surges 677 pts, NIFTY50 ends at 25,946; broader market gains 1%, 66 stocks hit 52-week high

The Indian stock market settled with gains on Monday, June 16, following a rally in the IT, realty and oil and gas stocks. The market sentiment was also boosted as wholesale price inflation dipped to a 14-month low in May. 

At close, the S&P BSE SENSEX stood at the 81,796.15 level, surging 677.55 points, or 0.84%, while the NSE's NIFTY50 index gained 227.90 points, or 0.92%, to the 25,946.50 level.

According to data, wholesale price inflation (WPI) declined to a 14-month low of 0.39% in May on easing prices of food articles and fuel.

Meanwhile, the broader market also snapped its losing streak and closed almost 1% higher on Monday. 

Shares of oil marketing companies (OMCs) were in the limelight on Monday as oil prices fell amid Iran-Israel’s rising tensions. US benchmark crude oil lost 73 cents to $72.25 per barrel, while the Brent crude slipped 73 cents to $73.50 per barrel. They are trading at their highest levels so far this year.

Exchange data showed that the foreign institutional investors (FIIs) offloaded equities worth ₹1,263.52 crore on a net basis on Friday.

On the global front, Asian stocks were seen mixed on Monday amid rising geopolitical concerns. 

Japan’s Nikkei 225 jumped 1.25% to the 2,946.66 level, while the Shanghai Composite was up 0.35% to the 3,388.73 level. 

South Korea’s Kospi index also gained 1.77% to 2,916.40 levels, and Hong Kong’s Hang Seng closed at the 24,060.99 mark, rising 0.70%.

On Friday, the US market ended with sharp cuts, with the S&P 500 declining 1.13% to close at 5,976.97 points. The Nasdaq also fell 1.30% to settle at 19,406.83 points, while the Dow Jones Industrial Average tanked 1.79% to end at 42,197.79 points.

As many as 3,021 stocks traded on the NSE on Monday. Out of this, 1,483 advanced, and 1,448 declined, while 90 scrips remained unchanged.

This, however, indicates that the market breadth favoured positives.

A total of 66 stocks hit their 52-week highs, while 27 stocks touched their one-year lows. Besides, 85 stocks hit their upper circuit limits, and 80 touched their lower circuit bands on Monday.

NSE-listed firms' market capitalisation stood at ₹448.24 lakh crore at the end of the session.

The volatility index India VIX declined 1.6% to end at 14.84 levels.

The Nifty Midcap 100 gained 0.93% to end at the 58,768.50 level, while the Nifty Smallcap 100 closed 0.95% higher at the 18,549.20 level.

Bharat Electronics was the top contributor on the index, rising 2.49%. HDFC Life Insurance (2.34%), SBI Life Insurance (2.27%), UltraTech Cement (2.2%) and Tech Mahindra (2.07%) were the other top gainers on the index.

On the other hand, Tata Motors (-3.76%), Dr. Reddy’s (-0.92%), Sun Pharma (-0.52%), Adani Ports (-0.34%) and Jio Financial Services (-0.02%) were the only losers on Monday.

On Monday, all the sectors ended positive, with Nifty IT rising the most by 1.57%. Nifty Realty (1.32%), Nifty Oil and Gas (1.11%), Nifty Metal (1.07%) and Nifty Private Bank (0.85%) were the other top gainers.