Stock Market Highlights: Indian equity indices, Sensex and Nifty ended higher Thursday led by strong gains in IT and metal stocks amid mixed global cues. Broader markets closed mixed as midcap index declined, while smallcap index was marginally higher. Among sectoral indices, gains were seen in Nifty IT, Nifty Metal, Nifty Private Bank and Nifty Financial Services, while PSU Banks, pharma and realty sectors ended in the red.
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Ajit Mishra, VP - Research, Religare Broking
Markets traded with a positive bias and managed to close half a percent higher on the monthly expiry day. The prevailing consolidation in the index is largely in line with the global counterparts so participants should continue to keep a close watch on the world market for cues. Despite the positive bias, we’re seeing restricted participation so traders should focus more on the selection of sectors and stocks. On the index front, a decisive break above 15,900 in Nifty would pave the way for an up move else consolidation will continue.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
On the day of the monthly expiry of F&O contracts, the market closed just below the crucial resistance of 15,800/52,800. However, the broader market remained strong and the Nifty/Sensex has formed a bullish continuation formation. Based on it we would see the levels of 16,050/16,150 (53,750) levels in the near term and the level of 15,670/52,300 would act as final stop loss for long positions. The index giant Reliance industries closed at the lowest point of the day, while other heavyweights like Infosys and TCS closed at the highest point of the day. The Bank Nifty also managed to close above the levels of 34,800, which is positive for the broader market.
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian benchmark equity indices rose on June 24 on the monthly F&O expiry day led by buying in IT stocks. Nifty opened higher and kept rising gradually through the day to close near the intraday high. Nifty made a small high low range compared to the previous day, indicating indecision at higher levels. The next move could be either side and even go sideways. Lack of volume pickup will postpone trend picking by the markets. Sectorally IT is back in favour and could remain in limelight for 1-2 sessions more before some other sector comes into limelight. Nifty could remain in the 15,700-15,863 for the next few sessions.
Rupee At Close | The Indian rupee gained for the second straight day and closed 9 paise higher at 74.18 against the US dollar on Thursday, supported by a rally in domestic equities and weaker American currency. The local currency opened at 74.20 and traded in the range of 74.16 - 74.25. It finally finished at 74.18, higher by 9 paise over its last close. On Wednesday, the rupee had settled at 74.27 against the US dollar.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Nifty has gone sideways; the range is between 15,400 and 15,900. Unless we do not get past either level, we will not see a significant move. While the bias is on the upside and there is still room for the index to conquer 16,100, a buy on dips approach is recommended.
Manish Shah, Founder, www.Niftytriggers.com
Nifty closed the day flat with the June expiry ending with a whimper. The narrowing of volatility is getting reflected in the price action as we see the narrow ranged candle which is also an inside day. The range of the day was narrowest in the last several days suggesting contraction of volatility or the squeeze. Usually, this type of price action is followed by a strong directional movement. The zone at 15,900-15,950 is a barrier that is stopping the Nifty from moving higher. As of date Nifty has taken support at rising moving average and showed that the decline in the last two days is arrested. A break above 15,950 would result in a rally that will take Nifty towards 16,200-16,300 overtime. Traders should create long positions on a break above 15,950. If this break out happens expect a sharp move as the volatility will expand in the direction of the trend.
Market At Close | Sensex & Nifty close higher after trading in a narrow range. Market breadth favours declines with advance-decline ratio at 2:3.
Market At Close | Here are the highlights of today’s trading session
- Sensex & Nifty Close Higher After Trading In A Narrow Range
- Midcaps Underperform Benchmarks With Midcap Index Closing Lower
- Pvt Financials Help Nifty Bank Close Higher; ICICI, HDFC Bank Top Gainers
- IT Stocks Lift Nifty With Infosys & TCS Being Top Contributors
- Reliance Ind Ends At Day’s Low Amidst Announcements At The AGM
- Sensex Gains 393 Points To 52,699 & Nifty 103 Points To 15,790
- Nifty Bank Rises 253 Pts To 34,827 While Midcap Index Slips 74 Pts To 26,601
- Market Breadth Favours Declines With Advance-Decline Ratio At 2:3
- BEL Gains For 2nd Straight Day On A Strong Outlook; Stock Up 17% This Week
- UBL Extends Yesterday’s Losses After A Stake Buy By Heineken
- Unlock Theme Stocks (PVR, Jubilant Food) Slip On Delta Plus Variant Concern
Closing Bell | The Indian equity benchmark indices ended higher Thursday led by strong gains in IT and metal stocks amid mixed global cues. The Sensex rose 392.92 points, or 0.75 percent to 52,699.00, while the Nifty ended at 15,790.45, up 103.50 points, or 0.66 percent. Broader markets, midcap and smallcap indices, underperformed the benchmarks.
Among sectoral indices, Nifty IT gained the most over 2 percent followed by Nifty Metal, Nifty Private Bank, Nifty Auto and Nifty Financial Services, while PSU Banks, pharma and realty sectors ended in the red.On the Nifty50 index, Infosys, TCS, JSW Steel, Tech Mahindra and L&T were the top gainers while Reliance Industries, IOC, Coal India, Shree Cement and Bharti Airtel led the losses.
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