Markets struggled to find clear direction on June 19, with benchmark indices Sensex and Nifty trading marginally lower by midday. The slide was led by sharp losses in IT and PSU banking stocks, weighing down overall investor sentiment. Auto stocks were the lone sectoral gainers, providing modest support in an otherwise cautious market environment.
As of 12:15 PM, the Sensex was down 15.61 points or 0.02% at 81,429.05, while the Nifty slipped 0.30 points, holding nearly flat at 24,811.75. The broader market mood remained subdued, with 919 shares advancing, 2,400 declining, and 117 remaining unchanged, indicating widespread weakness.
Laggards on the Nifty included Asian Paints, ONGC, Bajaj Finserv, Hindustan Unilever, and Sun Pharma, which were among the top drags.
Midcap and smallcap indices also mirrored the benchmark indices’ softness, continuing to show signs of pressure.
On the macroeconomic front, global cues remained cautious after the US Federal Reserve signalled that rate cuts may not happen before September, keeping their stance data-driven and inflation-sensitive.
“While the rate cut was priced in, the Fed’s projections of slightly higher inflation and slower GDP growth did inject a cautious undertone. While the Fed has indicated a potential for two rate cuts later this year, possibly totalling 50 basis points, it won’t materialise before September and will be heavily data-dependent, especially on inflation,”
— Aishvarya Dadheech, Founder & CIO, Fident Asset Management
Overall, traders are expected to tread cautiously in the coming sessions, with focus turning to domestic cues, global monetary policy signals, and ongoing sectoral rotations.
