Market Wrap, June 30: Indices snap 4-day rally; SENSEX down 452 points, NIFTY50 ends at 25,517; PSU banks, midcap stocks outperform

The Indian stock market settled lower on Monday, June 30, as investors turned to profit booking after four days of rally. Decline in the metal, auto and private bank counters also dampened the market sentiment.

Investors are keeping a close watch for the India-US talks which are taking place in Washington. The Indian team, headed by special secretary in the department of commerce Rajesh Agrawal, will remain in Washington till Monday for negotiations on an interim trade agreement with the US, officials have informed.

Meanwhile, Bank Nifty touched another all-time high of 57,614.50 during the intraday period before closing at 57,312.75. The Nifty PSU Bank also extended its rally for the fifth straight session on Monday amid a weak market.

The broader market also ended the session with gains, with the midcap index taking the lead.

According to exchange data, on Friday, the foreign institutional investors (FIIs) purchased equities worth ₹1,397.02 crore on a net basis, while the domestic institutional investors (DIIs) sold ₹588.93 crore worth of equities.

On the global front, the stocks on the Asian market remained mixed as Canadian Prime Minister Mark Carney said trade talks with the US have resumed after Canada rescinded its plan to tax US technology firms.

The Nikkei 225 of Japan gained 0.83% to close at the 40,487.39 level, while Hong Kong's Hang Seng slipped 0.88% and stood at the 24,072.28 level.

South Korea's KOSPI index rose 0.51% to 3,071.70 levels. The Shanghai Composite also ended at the 3,444.43 level, rising 0.59%.

The S&P 500 and Nasdaq Composite of the US on Friday settled at an all-time high, sparked by President Donald Trump's trade policies based on tariffs.

The Nasdaq Composite gained 0.5% and set its own all-time high, and the Dow Jones rose 1%. The S&P 500 rose 0.5%, closing above its previous record set in February.

As many as 3,052 stocks traded on the NSE on Monday. Out of this, 1,756 advanced, and 1,188 declined, while 108 scrips remained unchanged.

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

A total of 93 stocks hit their 52-week highs, while 26 stocks touched their one-year lows. Besides, 144 stocks hit their upper circuit limits, and 67 touched their lower circuit bands on Monday.

NSE-listed firms' market capitalisation stood at ₹459.17 lakh crore at the end of the session.

The volatility index India VIX rose 3.20% to end at 12.79 levels.

The broader market outperformed the main equity indices on Monday. The NIFTY Midcap 100 index gained 0.60%, ending at 59,741.20 levels, while the NIFTY Smallcap 100 gauge surged 0.52% to close at 19,075.10 levels.

Shares of Tata Consumer Products were the biggest laggard on the index, falling 2.34%. Kotak Mahindra Bank (-2.17%), Axis Bank (-2.13%), Hero MotoCorp (-1.96%) and Maruti Suzuki (-1.87%) were the other top losers on Monday.

On the contrary, Trent (3.04%), Bharat Electronics (2%), State Bank of India (1.79%), IndusInd Bank (1.78%) and Jio Financial Services (1.22%) were the top gainers on the 50-share index.

Nifty Private Bank was the biggest losing sector on Monday, tumbling 0.88%. Nifty Realty (-0.74%), Nifty Auto (-0.56%), Nifty FMCG (-0.41%) and Nifty Oil and Gas (-0.29%) also fell the most among sectors.

On the other hand, Nifty PSU Bank took the lead among winners, jumping 2.66%. Nifty Consumer Durables (0.68%) and Nifty Pharma (0.50%) were the other gainers.