Sensex, Nifty end lower on weak global cues; midcaps, smallcaps outperform

Major global peers, including the top European and Asian markets, suffered losses as investors awaited US Federal Reserve Chair Jerome Powell’s testimony.

“After a week in which the stock market cheered the Fed’s decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday,” reported Reuters.

Sensex opened 90 points higher at 63,474.21 and rose 190 points to hit the intraday high of 63,574.69. But the index erased all gains and fell 337 points to hit the intraday low of 63,047.83. The index closed 216 points, or 0.34 per cent, lower at 63,168.30 while the Nifty ended the day at 18,755.45, down 71 points, or 0.37 per cent.

In the 30-share pack Sensex, 20 stocks ended in the red, with shares of Kotak Mahindra Bank (down 1.83 per cent), Axis Bank (down 1.54 per cent) and NTPC (down 1.35 per cent) as the top losers.

Mid and smallcaps continued their outperformance as the BSE Midcap index ended 0.08 per cent lower at 28,309.18 after hitting its fresh all-time high of 28,526.99 in intraday trade. The BSE Smallcap index ended 0.24 per cent higher at 32,368.74 after hitting its fresh all-time high of 32,531.56 in intraday trade.

The domestic market benchmarks have been trying to hit their all-time highs for the last few sessions but the fresh peaks have been elusive for them due to regular profit booking at higher levels. Analysts point out that the market has discounted most positives already and it needs fresh triggers to breach all-time high levels and sustain the gains.

(More to come)

Updated: 19 Jun 2023, 03:57 PM IST