Barometers end flat, private banks drag

Domestic stocks ended almost flat today, recovering from early losses. The S&P BSE Sensex declined marginally by 52.63 points (0.07%) to 73,953.31, while the Nifty 50 gained 27.05 points (0.12%) to 22,529.05. The market witnessed a mixed performance, with metal and PSU bank shares surging, but private lenders and FMCG stocks dragging down the indices. Nestle India, ICICI Bank, and HDFC Bank were significant laggards. \r

In the broader market, the S&P BSE Mid-Cap index rose 0.34%, while the S&P BSE Small-Cap index fell 0.18%. Market breadth was weak, with 1,619 shares advancing and 2,316 shares declining. The NSE's India VIX spiked 6.26% to 21.81, indicating increased market volatility. The yield on India's 10-year benchmark federal paper slightly decreased to 7.076%. The rupee strengthened against the dollar, trading at 83.3125. MCX Gold futures for June 2024 dropped 0.60% to Rs 73,920. The US Dollar index edged down to 104.52, and the US 10-year bond yield decreased to 4.429%. In commodities, Brent crude for July 2024 fell by $1.16 to $82.74 a barrel. \r

Globally, European and Asian markets declined due to US Fed policy concerns and the global economic outlook, further unsettled by the sudden death of Iranian President Ebrahim Raeisi in a helicopter crash.