Bulls Lose Momentum: Nifty Slips Below Opening Range Amid Global Uncertainty - Paper by Pocketful

Jun 10, 2026

Hinduja Global Solutions (+12.52%): Stock surged sharply after the company launched Project GANGA, an initiative aimed at connecting over 20 lakh homes with high-speed broadband across Uttar Pradesh over the next 2 - 3 years.
Manappuram Finance (-6.18%): Shares fell sharply after gold prices dropped nearly 2% to multi-month lows, raising concerns over loan growth prospects for gold financiers despite management’s reassurance on asset quality.
Quality Power Electrical Equipments (+1.25%): Stock advanced after the company signed a term sheet to acquire 100% stake in Winwin Speciality Insulators, strengthening its presence in the high-voltage insulator manufacturing segment.
NLC India (-5.54%): Stock slipped after the government exercised its 2% oversubscription option in the ongoing OFS, increasing the total offer size to 3% of the company’s paid-up equity capital.

FMCG | Nifty FMCG (+1.05%): The index extended gains for a second consecutive session, with 11 constituent stocks advancing and 4 declining. The rally was supported by defensive buying interest, stable demand outlook, and strength in heavyweight FMCG stocks.
Private Banks | Nifty Private Bank (+0.72%): The index gained, led by ICICI Bank, HDFC Bank, and Axis Bank, as easing liquidity concerns, stable credit growth expectations, and positive sentiment following RBI’s supportive policy measures boosted banking stocks.
Media | Nifty Media (-0.15%): The index declined for the third consecutive session as 9 of its 10 constituents ended lower. Persistent profit booking and cautious market sentiment weighed on media and entertainment stocks.
Energy | Nifty Energy (-2.02%): The index witnessed sharp selling pressure, led by declines in Reliance Industries, Coal India, and BHEL. Profit booking, softer crude oil prices, and cautious sentiment amid global geopolitical uncertainties weighed on the sector.

Technical Level: Nifty opened on a flat note and moved higher during the first half of the session, reaching a resistance level near 23,420. However, profit booking emerged at higher levels, triggering a gradual decline in the second half. The index remained under pressure till the close and found support near 23,190 & Close below opening.
Advance-Decline Ratio: DII bought ₹3,124 crore, while FII sold ₹2,125 crore, as domestic buying outweighed foreign selling and supported market sentiment.
The Big Picture: Gold, silver, and Bitcoin declined as investors remained focused on the interest rate outlook despite easing inflation concerns. Higher-for-longer rate expectations increased pressure on non-yielding assets, while a stronger dollar and rising bond yields weighed on precious metals and cryptocurrencies.
FII/DII Activity (June 10, 2026): DII bought ₹3,124 crore, while FII sold ₹2,125 crore, indicating that strong domestic buying offset foreign outflows and provided support to the market during the session.

IPO Corner: Utkal Speciality Industries SME IPO is Opened for subscription today and continues to attract investor attention amid sustained activity in the primary market segment.
Macro: Investors will closely monitor the Europe ECB Interest Rate Decision & USA PPI MoM (May) data scheduled for release tomorrow.
Index Watch: Nifty opened on a flat note and traded in positive territory during the first half of the session. However, selling pressure intensified in the second half, dragging the index below its opening range by the close. The index is currently hovering near a crucial support zone, with falling commodity prices and persistent uncertainty in the Middle East weighing on sentiment and prompting continued FII selling. Immediate support is placed near 22,980, while resistance is seen around 23,430. A breach below support could signal a deeper correction and potentially mark a fresh leg of the year’s decline.

Capitulation: When investors give up and sell their holdings due to fear and continued market declines, often signaling extreme pessimism.

Example: Heavy selling across sectors indicated signs of market capitulation as investors rushed to exit riskier positions.

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