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Informist, Wednesday, Jun. 11, 2025

By Akash Mandal

MUMBAI – The benchmark indices ended slightly higher Wednesday as the Nifty 50 extended its winning run for the sixth straight session. The 50-stock index closed at its highest level since Oct. 3. The indices had risen as much as 0.5% at their intraday highs and the Nifty 50 surpassed and sustained above its resistance of 25200 points for a while, but both indices erased most gains in late trade as investors sold for profit. The Nifty 50 moved in a relatively narrow range of 140 points.

The Nifty 50 ended at 25141.40 points, up 37.15 points or 0.2%, and the BSE Sensex closed at 82515.14 points, up 123.14 points or 0.2%. While many heavyweights such as HDFC Bank, State Bank of India, and Axis Bank ended in the red, some like ICICI Bank and Reliance Industries ended higher, with the latter gaining over 0.7%, which supported the indices. Information technology stocks also ended higher buoyed by a framework agreement on tariffs between the US and China. HCL Technologies, Infosys, and Tech Mahindra ended 2-3% higher and were the top gainers in the 50-stock index.

Shares of liquor manufacturing companies fell after the Maharashtra government approved an increase in excise duty on alcohol, which will especially affect companies that make Indian Made Foreign Liquor. United Spirits ended nearly 7% lower. Maharashtra contributes to 20% of the company's sales volume, a report by ICICI Direct Research said. Other liquor makers such as Allied Blenders and Distillers and Radico Khaitan closed around 4% lower as both companies have much less exposure to Maharashtra. On the other hand, liquor makers such as Sula Vineyards and G.M. Breweries ended 8% and 11% higher, respectively, as the government excluded wines from the increase in excise duty.

The sectoral indices ended mixed, with Nifty Oil & Gas gaining over 1% to be the top gainer. Oil marketing companies rose after the US Energy Information Administration said it sees oil prices falling in the near term due to a rise in global inventories. Bharat Petroleum Corp., Hindustan Petroleum Corp., and Indian Oil Corp. ended 2-4% lower.

Oil India also ended over 6% higher. Brokerage Avendus Spark said the company's earnings could grow by 80% over the next three years driven entirely by volumes, CNBC-TV18 reported. The brokerage initiated coverage on the stock with a "buy" rating and a target price of INR 630.

Defence stocks fell as analysts said the sector was overvalued after the recent sharp gains. The Nifty India Defence ended over 2% lower. The sectoral index has fallen in three of the past four sessions after gaining 42% since the beginning of April. DCX Systems, Garden Reach Shipbuilders & Engineers, and Bharat Dynamics all ended 4-5% lower.

Most bank stocks ended lower for the second straight session with investors focusing on the near-term impact on their margins of the Reserve Bank of India's strong policy decisions Friday. Bank of Baroda, Federal Bank, and Punjab National Bank all ended 1-2% lower.

The broader market indices ended lower with analysts saying investors took some profits after the recent strong gains in small- and mid-cap indices. These indices were in positive territory earlier in the session.

Among other stocks, BSE ended over 4% lower, snapping a nine session winning run, as the futures and options premium turnover on weekly expiry Tuesday was nearly half that in the previous week. The stock had risen nearly 22% during its winning run. Indian Energy Exchange plunged over 10% after reports said Power Minister Manohar Lal Khattar is considering consultations with stakeholders on market coupling for electricity exchanges, which will reduce the pricing power of energy exchanges. The stock closed 8% lower. Wockhardt and RattanIndia Enterprises ended 18% amd 11% higher, respectively, and were the top gainers in the Nifty 500.

* Of the Nifty 50 stocks, 28 rose and 22 fell 

* Of the Sensex stocks, 16 rose and 14 fell

* On the NSE, 1,608 stocks rose, 1,304 fell, and 83 were unchanged

* On the BSE, 2,247 stocks rose, 1,810 fell, and 123 were unchanged

* Nifty Oil & Gas: up 1.5%; Nifty IT: up 1.3%; Nifty India Defence: down 2.1%

BSE                                               NSE

Sensex: 82515.14, up 123.42 points or 0.2%        Nifty 50: 25141.40, up 37.15 points or 0.2%

End

Edited by Rajeev Pai

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