Taking Stock: Market hits fresh milestones on expiry day; Nifty Bank crosses 53,000
Taking Stock: Market hits fresh milestones on expiry day; Nifty Bank crosses 53,000
Indian benchmark indices rallied for the third consecutive session on June 27, with Nifty crossing 24,000 for the first time ever supported by Information Technology and energy names.
At close, the Sensex was up 568.93 points or 0.72 percent at 79,243.18, and the Nifty was up 175.70 points or 0.74 percent at 24,044.50. About 1128 shares advanced, 2240 shares declined, and 93 shares unchanged.
BSE Sensex and Nfity50 indices hit new record highs of 79,396.03 and 24,087.45, respectively.
The Nifty Bank index also hit a fresh record high of 53,180.75.
After a weak start, the market erased opening losses in the initial hours and extended the gains as the day progressed to hit fresh milestones.
UltraTech Cement, Grasim Industries, LTIMindtree, Wipro and NTPC were among the top gainers on the Nifty, while losers were Shriram Finance, L&T, Eicher Motors, Bajaj Auto and Divis Lab.
Among sectors, IT and Power indices rose 1.7 percent each, while PSU Bank index was down 1 percent.
The BSE midcap index ended flat, while the smallcap index shed 0.5 percent.
Axis Bank, Bayer CropScien, Bharti Airtel, GMR Airports, Godrej Properties, Grasim Industries, ICICI Bank, JSW Steel, LIC Housing Finance, Muthoot Finance, Oil India, PB Fintech, Reliance Industries, Tech Mahindra, UltraTech Cement, Vodafone Idea, Whirlpool, Samvardhana Motherson International, among other stocks, which touched their 52-week high on the BSE. Click to View Full List
Outlook for June 28
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened on a flat note and as the day progressed it gained momentum and closed with gains of ~176 points. On the daily charts we can observe that the Nifty has witnessed a perpendicular rally in the last four trading sessions. It rallied ~700 points. Today the IT Index was one of the major contributors which helped Nifty to close above 24000. The immediate hurdle on the upside is placed at 24150 – 24200. Trailing stoploss for the longs should be kept 23800. Divergence is visible on the Hourly charts and the market breadth has been deteriorating since the last three trading sessions hence caution is advised.
Bank Nifty faced resistance around the 53200 mark and closed in the red after rallying ~2000 points in the last four trading sessions. A negative crossover on the hourly time frame charts suggests that the probability of consolidation is high. In the case, there can be a dip towards 52200 (40-hour average). On the upside 53660 is the immediate hurdle.
Aditya Gaggar Director of Progressive Shares
Indian equities extended their positive momentum by commencing the monthly expiry day on a strong note. Banking counters continued to surge higher but a sudden fall in the Mid and Smallcap segments dragged the Index lower; however, the IT counters came to the rescue and helped the Index surpass the psychological barrier of 24,000. With gains of 175.70 points, Nifty50 settled the trade at 24,044.50. Apart from IT, Energy segment outperformed while Media and PSU Banks were the laggards.
Once again Mid and Smallcaps underperformed the Frontline Index. On the daily chart, Nifty50 has formed 4th consecutive strong bullish candle which indicates overstretched upmove; buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240 while a level of 23,800 will act as strong support.
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