Indian shares eased after hitting record highs today (June 10) as IT stocks fell due to US rate cut concerns. The benchmark indices hit fresh highs shortly after opening led by Reliance Industries Ltd and Axis Bank Ltd. This came after Narendra Modi took oath as India’s prime minister for a third time on Sunday. The NSE Nifty 50 surged to the fresh high of 23,411.90 and Sensex rose to life time high of 77,079.04.
Adani Ports, Power Grid Corp, Bajaj Auto, Coal India and Shriram Finance were among major gainers on the Nifty. Biggest losers on the Nifty were Tech Mahindra, Infosys, Dr Reddy’s Labs, LTIMindtree and Hindalco.
All sectoral indices, except IT and metal, are trading in the green.
Stock market on Friday
On Friday (June 7), the 30-share BSE Sensex jumped 1,720.8 points or 2.29 per cent to hit a new record peak of 76,795.31. The benchmark ended at a record high of 76,693.36, up 1,618.85 points, or 2.16 per cent.
Global markets today
The euro fell to its weakest in nearly a month as French President Emmanuel Macron called a snap election in the county following European Parliament elections. Markets in China, Hong Kong, Taiwan and Australia were closed Monday for holidays. Meanwhile, yield on 10-year Treasuries advanced for a third day after a solid US jobs report spurred rethink on Federal Reserve interest-rate cuts. Oil steadied after a weekly drop as investors look ahead to a set of key industry reports and Fed’s rate decision.
Amid Israel-Hamas war, Benny Gantz resigned from Israel’s emergency government and called for elections while criticizing the country’s Prime Minister Benjamin Netanyahu over his handling of the war.
