Benchmark indices Nifty and Sensex held on to mild gains on June 11, as profit booking at higher levels capped the upside. A strong rally in IT and oil & gas stocks kept the markets afloat, even as weakness in FMCG and PSU banks weighed on sentiment. Broader markets swung between gains and losses through the day, briefly outperforming before slipping into the red.

At close, the Sensex was up 123.42 points or 0.15 percent at 82,515.14, and the Nifty was up 37.15 points or 0.15 percent at 25,141.40. About 2173 shares advanced, 1730 shares declined, and 120 shares remained unchanged.

Sectoral performance on the NSE was mixed on June 11. Oil & gas led the gains with a 1.54 percent jump, followed by IT, which rose 1.14 percent, and pharma, up 0.45 percent. Energy and infrastructure stocks also edged higher. On the flip side, FMCG was the biggest drag, slipping 0.65 percent, while PSU banks dropped 0.94 percent and private banks declined 0.22 percent. Midcap and smallcap indices underperformed, falling 0.49 percent and 0.58 percent, respectively. Meanwhile, India VIX dropped 2.6 percent to 13.61, signalling lower market volatility.

Shares of Indian Energy Exchange (IEX) fell sharply by nearly 10 percent on June 11 as Centre is likely planning a stakeholder consultation on market coupling, bringing back jitters for the power exchange, which has the largest market share in all the electricity traded on Indian exchanges. Moneycontrol has learnt from people familiar with the development that the Power Minister plans to carry out a meeting with all stakeholders on benefits for market coupling, and that the process will happen through a broad bid and not an internal bid.

GM Breweries and Sula Vineyards made significant gains on June 11 after the Maharashtra government approved a significant hike in excise duties on liquor. GM Breweries shares skyrocketed nearly 19 percent while those of Sula Vineyards jumped 10 percent apiece. The Maharashtra government on June 10 approved a hike in excise duty on Indian Made Foreign Liquor (IMFL), country liquor, and imported alcohol. The state government also approved the introduction of a new category, Maharashtra Made Liquor (MML).

HCL Tech, Infosys, Tech Mahindra, Wipro, and ONGC were the top gainers on the Nifty. Laggards on the index include Shriram Finance, Power Grid Corp, Adani Enterprises, Adani Ports, and Bharat Electronics.