Stock picks: From Trent to Torrent Pharma, Motilal Oswal suggests these shares to buy this week
Indian stock market: On June 11, the Indian stock market benchmarks remained in a consolidation phase for the second consecutive session, influenced by subdued global cues.The Sensex commenced trading 191 points higher at 76,680.90 compared to its previous close of 76,490.08. It surged around 370 points to reach an intraday peak of 76,860.53. However, succumbing to profit booking towards the end of the session, the index ended 33 points, or 0.04 per cent, lower at 76,456.59.Also read: Stocks to buy: Axis Bank, Dr Lal Pathlabs among top four stock picks by SMC Global Securities for this weekSimilarly, the Nifty 50 began at 23,283.75, in contrast to its previous close of 23,259.20, and reached an intraday high of 23,389.45.
Ultimately, the index closed 6 points, or 0.02 per cent, higher at 23,264.85.“Nifty ended flat at 23,264 levels despite staying positive most of the day. The broader market, on the other hand, ended with gains of 0.6%-0.8%. Sectorally, it was a mixed bag with oil & gas and realty gaining more than 1%.
India's VIX cooled by 10%, closing at a one-month low below the 16 level, attributed to a reduced political overhang. Overall, investors' confidence got a boost after the key cabinet portfolios were retained with the BJP, leading to notable activity in PSU stocks. However, given the absence of any fresh trigger, the market seems to be in consolidation mode.
Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome, which will be released tomorrow. US Fed commentary could provide direction to the market. So far, investors are baking in one rate cut towards the end of the year, so any deviation from that could drive the market on either side," said Siddhartha Khemka, Head - of retail
. Read more on livemint.com
