Daijiworld Media Network - Mumbai
Mumbai, Jun 30: After a strong four-session run, Indian equity markets took a breather on Monday as investors opted to lock in profits amid a lack of fresh domestic triggers. The benchmark Sensex fell by 452 points or 0.54%, closing at 83,606.46, after fluctuating between a high of 84,099.53 and a low of 83,482.13 during the session. The Nifty mirrored this decline, slipping 120.75 points or 0.47% to end at 25,517.05.
Despite the dip in frontline indices, broader market sentiment remained relatively upbeat. The Nifty Midcap100 gained 0.6%, while the Smallcap100 index rose 0.52%, signaling continued investor interest in mid- and small-cap counters ahead of the earnings season.
Among the Sensex constituents, Axis Bank, Kotak Mahindra Bank, Maruti Suzuki, Bajaj Finance, Reliance Industries, Tata Steel, and Bharti Airtel were the major drags. On the other hand, Trent, SBI, Bharat Electronics, Titan, Bajaj Finserv, and Eicher Motors attracted buying interest.
Sector-wise, the performance was mixed. PSU banks stood out, with the Nifty PSU Bank index surging 2.66%, supported by gains in stocks like Maharashtra Bank, PNB, Bank of Baroda, Union Bank, Canara Bank, and others. IT, Consumer Durables, Pharma, Healthcare, Media, and Energy sectors also ended in the green.
However, selling pressure persisted in Nifty Auto, Bank, Financial Services, FMCG, Metal, Realty, Private Bank, and Oil & Gas, pulling down the benchmark indices.
Vinod Nair, Head of Research at Geojit Financial Services, said the pause was expected after the recent rally. He noted that while global cues are improving with easing geopolitical tensions and optimism around US trade developments, the focus for Indian markets has now shifted to corporate earnings. He added that mid- and small-cap segments are showing resilience due to expectations of better demand-driven results and margin expansion.
Market volatility edged higher, with the India VIX rising 3.2% to close at 12.78. Meanwhile, the rupee weakened by 0.21% to 85.70 against the US dollar, weighed down by broader market weakness and profit-booking following recent currency gains.
According to Jateen Trivedi of LKP Securities, the pressure on the rupee comes ahead of a pivotal week featuring key US economic data and the expiry of the extended 90-day tariff deadline. He expects the currency to remain volatile in the 85.35–86.00 range.