Bulls back in action as indices snap 3-day losing streak

In the Indian stock market, bulls were back in action as the benchmark indices snapped a three-day losing streak. This helped Nifty to comfortably close above the 25,100 mark amid buying across the sectors.

At close, the Sensex was up 1,046.30 points or 1.29% at 82,408.17, and the Nifty was up 319.15 points or 1.29% at 25,112.40.

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Sensex opened at 81,354.85 against its previous close of 81,361.87 and rose 1,133 points, or 1.4%. It touched the intraday high of 82,494.49. Nifty 50 opened at 24,787.65 against its previous close of 24,793.25 and rose 1.4% to an intraday high of 25,136.20.

BSE Midcap index rose 1.2% and Smallcap index gained 0.5%. The overall market capitalisation of BSE-listed firms rose to nearly Rs 448 lakh crore from nearly Rs 443 lakh crore in the previous session.

Notably, Brent crude oil prices crashed by over 2%, boosting domestic market sentiment.

Among the key sectors, the Nifty PSU Bank index snapped its three-day losing streak, rising over 1% after the RBI issued final guidelines on project finance loans that were more lenient than earlier proposals.

Almost all the sectoral indices ended in the green, with metal, PSU Bank, realty, power, telecom, and capital goods up 1-2%.

On the BSE, around 80 stocks touched their 52-week highs. These included Hyundai Motor, ITD Cementation, Axiscades Technologies, MCX India, Bharti Airtel, Aditya Birla Capital, Bharat Electronics, Authum Investment, among others.

For the last three consecutive sessions, Foreign portfolio investors (FPIs) have been buying Indian equities amid a decline in the dollar index.

Bharti Airtel stock also gained over 3% and hit a fresh lifetime high amid heavy volumes and a healthy outlook.

HDB Financial Services IPO GMP surged ahead of the issue opening for public subscription in the primary market next week.

Notably, the maiden public issue of the subsidiary of HDFC Bank will open for subscription on June 25 and conclude on June 27, while the bidding for the anchor investor will open for a day on June 24.

India VIX, the fear index which gauges the volatility in the markets, settled 4.08% lower at 13.67 points.

The Indian market responded positively as tensions in the Middle East moderated, with the risk of immediate military action reduced amid expectations of US-Iran dialogue.