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Stock market today: The Indian stock market closed the final trading session of June in the red, as investors booked profits after a strong four-day rally. Still, it marked the fourth straight month of gains, with the Nifty 50 rising 3.10% and the Sensex up 2.65% in June—taking their cumulative four-month gains to over 15%.

Notably, both indices have rebounded nearly 17.3% from their April lows, marking their strongest recovery in recent memory.

India’s recent market rally paused on Monday, with both the Sensex and Nifty closing lower after early weakness dragged the latter briefly below the 25,500 mark. A late rebound in PSU banks, tech, and media stocks helped pare losses, pushing the Nifty back above that level by the close.

The Sensex ended the day down 452.44 points (-0.54%) at 83,606.46, while the Nifty slipped 120.75 points (-0.47%) to settle at 25,517.05.

Broader markets once again outperformed the benchmarks: the BSE Midcap index rose 0.6% and the Smallcap index added 0.8%. The Nifty Bank index, which touched a fresh high of 57,614.50 intraday, cooled off to end 0.2% lower at 57,312.75.

Among the top drags were Tata Consumer, Axis Bank, Kotak Mahindra Bank, Hero MotoCorp, and Maruti Suzuki. On the gainers’ side, Trent, SBI, IndusInd Bank, Bharat Electronics, and Jio Financial provided support.

At the sector level, PSU banks surged 2.6% and pharma rose 0.5%, while realty, FMCG, autos, and metals saw mild pullbacks.

Investors will now watch for global cues and whether the ongoing outperformance in midcaps can be sustained.

The market remains under pressure at higher levels, lacking the conviction needed to sustain its upward momentum. While occasional rallies are visible, persistent low participation and weak follow-through suggest that bullish trends are struggling to hold.

Geopolitical tensions—intensifying since April—have kept volatility elevated, making both trading and investing a challenging affair. At present, there are no clear signals indicating the extent or timing of any near-term correction.

As highlighted in our previous note, the 24,800–24,900 zone continues to be a critical support range. The trading band is narrowing, and current option data suggests bearish undertones: the put-call ratio (PCR) has dropped to 0.65, indicating selling pressure at higher levels. Notably, call writing has now shifted lower to the 25,600 strike, establishing it as the next key resistance.

Despite sporadic attempts to push higher, the market has been unable to gather enough strength to sustain an upward move. The “max pain" level currently sits at 25,500—a zone that now needs to hold in order to maintain upward momentum. Continued dip-buying has kept bullish hopes alive, but the lack of clarity in directional cues means traders should adopt a neutral bias in the near term.

With trends turning increasingly two-sided, a balanced and pragmatic approach is essential to navigate the current market phase.

Raja Venkatraman is the co-founder of NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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