Sensex Today | Stock Market LIVE Updates: Top Nifty gainers included Grasim Industries, Hindalco Industries, JSW Steel, Adani Ports and BPCL, while losers were Hero MotoCorp, Sun Pharma, M&M, NTPC and Wipro. Selling was seen in the auto, pharma and PSU Banks, while buying was seen in the metal, capital goods, realty and oil & gas. The BSE midcap index rose 0.5 percent while smallcap index added 1 percent.
Indian benchmark indices ended marginally higher in the volatile session on June 20. The Sensex was up 141.34 points or 0.18 percent at 77,478.93, and the Nifty was up 51 points or 0.22 percent at 23,567.
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Despite experiencing significant volatility, the domestic market concluded the day positively. In the near term, market attention is expected to centre around the upcoming Union budget and the progress of the monsoon. On the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertilizer stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP.
After showing minor weakness from the new highs on Wednesday, Nifty shifted into an upside bounce with range bound action on Thursday and closed the day higher by 51 points. After opening with a positive note, the Nifty showed minor kneejerk action soon after the opening. It later showed gradual upside momentum with narrow range movement.
A small negative candle was formed on the daily chart, that placed beside the long negative candle of Wednesday. Technically, this pattern indicates a doji type candle pattern, which doesn’t have any significant predictive value, as the market is presently showing a broader sideways range movement.
The near-term uptrend with range bound action continued in Nifty and we expect similar movement is likely to continue in coming sessions. There is a possibility of minor intraday weakness resuming from near 23750-23800 levels and that could be a short-term buying opportunity. The near-term upside target to be watched around 23950 levels. Immediate support is at 23450.
Prashanth Tapse, Senior VP (Research), Mehta Equities
Markets were a bit volatile in early trades but settled in positive territory to move in a range-bound manner thereafter as investors resorted to stock-specific selection after witnessing record-breaking spree over past few sessions. Also, US indices were closed on Wednesday, and hence domestic investors were cautiously optimistic.
Aditya Gaggar Director of Progressive Shares
After a knee-jerk reaction in the opening trade, the Index remained rangebound for the rest of the day to end the weekly expiry trade at 23,567 with gains of 51 points. Among the sectors, Metal and Realty were the top performers, advancing over 1.80% while profit booking correction extended in the Auto space. The Pharma sector ended the day as a major laggard. Chemical and Fertilizer counters dominated today’s trade as most of them soared in the range of ~10-20%.
After a pause of a day, Mid and Smallcaps extended their outperformance. With a Spinning Top candlestick pattern, nothing has changed for Nifty50 i.e. lower side is protected at 23,340 while 23,660 will be considered as resistance.
For the past couple of days, the Index has been oscillating in a range, breakout on either sides will provide a clear direction.