Sensex, Nifty open flat as IT, bank stocks fall; mid, smallcaps outperform

M&M, JSW Steel, Reliance Industries, Bajaj Auto and Hero MotoCorp were the top gainers on the Nifty.

Benchmark indices Nifty and Sensex started on a quiet note on June 11, continuing their consolidation for a second straight session as weakness in IT and bank heavyweights weighed on sentiment. In contrast, the broader market showed strength early on, outpacing the headline indices.

At about  9:25 am, the Sensex was up 58.61 points or 0.07 percent at 82,450.33, and the Nifty was up 24.40 points or 0.10 percent at 25,128.65. About 2010 shares advanced, 784 shares declined, and 127 shares remained unchanged.

In the previous session, Dalal Street ended on a mixed note on June 10 with modest losses, as the bulls hit pause after a four-day rally. The Nifty 50 faced stiff resistance around the 25,100 mark, while the Sensex slipped slightly.

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"The market is expected to remain in a consolidation phase with a slight upward tilt. A decisive move above the 25,100 mark on the Nifty will require strong and sustained buying, which could be triggered by favourable developments in the US-China trade talks. Reports suggesting progress towards implementing the Geneva consensus are encouraging," V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said.

Sectoral trends were mixed, with notable gains in auto, oil & gas, and media stocks. The Nifty Auto index rose 0.73 percent, while Oil & Gas advanced 0.96 percent and Media gained 0.78 percent. Nifty Energy and Metal also saw moderate upticks of 0.51 percent and 0.33 percent, respectively. On the broader front, the Nifty Midcap 100 and Smallcap 100 inched up by 0.23 percent and 0.28 percent. However, banking stocks were subdued, with the Nifty Bank down 0.08 percent and PSU Bank losing 0.35 percent. Private banks and consumer durables remained flat. The India VIX cooled by 1.43 percent to 13.82, indicating reduced market volatility.

Also read: BSE adds $1 trillion in m-cap since March; highest gain among top 10 markets

Shares of Maruti Suzuki slipped marginally after the company's electric pivot is encountering early roadblocks, with the launch of its much-anticipated e-Vitara likely to be pushed back, CNBC TV-18 reported, citing sources. This comes after China tightened export controls on these magnets, a move seen as part of its strategic counter to US-led trade pressure under Donald Trump's administration.

Liquor stocks slipped up to 5 percent after the Maharashtra government increased the IMFL duty on products, its biggest hike in  14 years. Under the new rates approved by the Devendra Fadnavis-led cabinet, the excise duty on IMFL will increase from three times to 4.5 times the declared manufacturing cost (up to Rs 260 per bulk litre).

Marksans Pharma Ltd shares jumped after a block deal estimated at around Rs 250 crore took place on the exchanges. Around 1.02 crore shares, valued at Rs 257 crore, which represents 2.27 percent of the total outstanding equity, exchanged hands in a block trade at Rs 250 per share. OrbiMed Asia IV Mauritius FVCI Ltd, a global healthcare investment firm, had initiated a block deal to sell 2.27 percent of its stake in the company, valued at approximately Rs 256.8 crore.

Read more: Aditya Birla Capital block deal: Advent likely trims 0.9% stake worth Rs 568 crore

For Nifty, a decisive move above 25,150 could reinforce the prevailing uptrend and potentially propel the index toward the 25,300 range. Conversely, any substantial weakness will only become evident if the Nifty falls below the 24,800 level—until then, dips are likely to attract fresh buying interest. Momentum indicators continue to support the bullish outlook, with the Relative Strength Index (RSI) trading consistently above the 60 mark, indicating sustained strength in the market.

M&M, JSW Steel, Reliance Industries, Bajaj Auto and Hero MotoCorp were the top gainers on the Nifty. Laggards on the index included Shriram Finance, Bharat Electronics, Jio Financial Services, Apollo Hospitals, and Dr Reddy's.