Leader Online Desk : Despite the positive situation in the global market, the transactions in the domestic stock market remained fluctuating today (11th). Shares of ONGC witnessed a strong rally, with the Sensex falling 33 points to close above 76,400 while the Nifty gained 5 points to close at 23,264.
What happened in the stock market today?
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- Markets closed flat after falling from the highs
- Nifty closed up 5 points at 23,264
- The Sensex fell 33 points to close at 76,456
- Bank Nifty closed down 75 points at 49,705.
Markets end flat: Sensex slips 33.49 points to settle at 76,456.59; Nifty up 5.65 points to 23,264.85
— Press Trust of India (@PTI_News) June 11, 2024
Initially 'cautious' move, the market recovered after the fall
The domestic stock market started cautiously today (11). Sensex-Nifty opened slightly lower. The Sensex fell nearly 80 points to open above 76,400. The Nifty opened around 23,245 down around 15 points and the Bank Nifty closed over 49,800 with a fall of 200 points. Bank Nifty fell by almost 200 points. Banking shares came under pressure. Shares like ONGC, IRCTC, BEL saw gains. However, the market recovered after that, with the Sensex gaining 370 points while the Nifty too gained over 100 points. The Sensex was trading up 196.10 points, or 0.25 per cent, at 76,682.48 at around 3 pm. The Nifty was seen up 71.90 points, or 0.31 per cent, at 23,331.10. Approximately 2250 shares gained during this period. While 1173 shares saw decline. There was no change in 74 shares.
'Ya' shares experienced a boom
ONGC, NTPC, Apollo Hospitals, Power Grid and Coal India were the top gainers in Nifty while BPCL, Dr. Reddy's Lab, ICICI Bank, Kotak Mahindra Bank, , SBI Life Insurance and Shriram Finance were the major laggards in the Nifty 50. Selling was seen in banks, FMCG, healthcare and metal stocks. The BSE Midcap index closed up 0.7 percent. While the smallcap index closed up nearly 1 percent
'BPCL' rise after Petroleum Minister Puri's statement
There is no plan to disinvest BPCL, efforts will be made to bring petrol diesel under GST, said Petroleum Minister Hardeep Singh Puri in a press conference today. BPCL was seen trading up 5.95 points or 0.99 percent on the NSE. Shares of BPCL have gained 5.14 percent in 1 week.
Vaishnav re-elected as Railway Minister, Railway shares 'soar'
Prime Minister Narendra Modi has retained Ashwini Vaishnav as the Railway Minister in his third term. Today he accepted the charge of his post. Shares of railway-related companies saw a huge rally today on expectations of policy stability. Shares of IRCON International rose around 9 percent today. Shares of RailTel saw a jump of around 11 percent. Shares of RVNL also rose over 4 percent. Shares of railway financier Indian Railway Finance Corp also gained nearly three percent. Earlier last week, on June 4, shares of railway companies had fallen as much as seven percent. Investors sold heavily as election results differed from exit polls. Now that Vaishnav has been retained as the Railway Minister, investors were seen favoring the railways again today.
