| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,997.13 | 368.97 | +0.44% |
| Nifty 50 | 26,053.90 | 117.70 | +0.45% |
| Nifty Bank | 58,385.25 | 171.15 | +0.29% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Adani Ports | 1,454.80 | 36.90 | +2.60% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Dr Reddys Labs | 1,250.90 | -38.50 | -2.99% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36347.90 | 689.70 | +1.93% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26948.90 | -199.40 | -0.73% |
Nifty opened on a positive note and tried to scale fresh lifetime highs, but it failed to do so which was followed by incremental pressure throughout the trading session. The index was seen making fresh lows in every hourly candle followed by a small pullback towards the end of the trading session.
The index has formed dark cloud cover on the daily charts which is a small reversal pattern in nature suggesting further downside till 18600 can be seen once it breaches today’s low in the next trading session.
The fall today was predominantly led by Bank Nifty which was seen under intense pressure with heavyweights like ICICI Bank and AXIS Bank falling throughout the day. Bank Nifty has again closed below its 21ema on the daily charts and is expected to witness incremental pressure on a fall below 43400 levels.
Domestic indices hit a 52-week high amid weak global cues. Nifty after opening higher saw profit booking during the day. The index however managed to partially recover some losses and closed in negative territory with a loss of 71 points at 18755 levels. Sectorially it was a mixed bag with PSU Bank, IT, and Financial Services being top gainers. Nifty was just a fingertip away from its all-time high zones as the index failed to sustain higher levels amid volatility.
The focus remains on geopolitics this week, as the U.S. Secretary of State is set to meet the Chinese President today. While India’s PM is set to visit the U.S. later this week, which is likely to bring deal wins in the defense space and strengthen the trade relation. Niche sectors like Insurance, and Pharma could continue to be in focus after recovery was seen in their respective monthly data. NBFC too is in focus after the slowing of inflation and the recent rate pause.
Markets started the week on a subdued note and settled marginally lower. In continuation to Friday’s move, Nifty opened near the record high but profit taking in banking, energy, auto and FMCG majors gradually pushed the index lower as the day progressed however rebound in select IT and financials majors capped the damage. Finally, it settled at 18,755 levels; down by 0.37%. However, the broader indices continued their outperformance amid choppiness and ended flat to marginally higher.
Markets are shying away from the record high due to intermediate volatility in the banking majors. We recommend maintaining a positive tone and focusing on other key sectors like auto, FMCG, energy, and selectively in midcap & smallcap space for fresh longs.
Risk-off sentiment prevailed in local markets, as sell-off in global equity markets triggered profit-taking in banking, auto, telecom & FMCG stocks. Although India's macro economic indicators seem to be on the right path, global headwinds would fuel bouts of selling at regular intervals.
On intraday charts, the Nifty is holding higher high and higher low series formation, which supports further uptrend from the current levels.
For traders 18,680 would act as a sacrosanct support level. Above the same, the index could retest the level of 18,850-18,900. On the other hand, below 18,680 traders may prefer to exit from the trading long positions, as the index could slip till 18,650-18,610.
Nifty fell on June 19 after a higher opening, missing by 8 points to record a new lifetime high. At close, Nifty was down 0.37 percentor 70.6 points at 18755.5. Volumes on the NSE were on the higher side. Smallcap index ended marginally in the positive even as the advance-decline ratio fell to 0.85:1.
Global shares drifted lower on Monday, as investors were left disappointed by a lack of policy announcements from China post a State Council meeting Friday aimed at kickstarting the ailing economy. Investors also awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets.
Nifty formed a bearish Dark Cloud Cover pattern on daily charts on June 19. However, in the recent past, such formations have not seen any follow-through. The Nifty gets pushed back as it tries to register a new life high. Nifty could face resistance from 18,888, while 18,669 could offer support in the near term.
Today being a US holiday, the forex market's price action remains lacklustre with thin volumes. The short-term trend in the rupee will be directed by global commodity prices, monsoon progress, foreign fund inflows and Chinese currency.
The past week was a big one for developed-market central banks, this week will be significant for emerging markets. Traders are eyeing China’s LPR rate decision and BoE policy decision. Chinese banks will likely lower their quotes on loan prime rates at the June 20 fixing for the first time since August 2022 while the Bank of England is set to deliver another rate hike this week.
The risk-on sentiments and foreign fund inflows drag the spot USDINR lower and right now, it is pierced the 200-day simple moving average. The pair has strong support between 81.90 to 81.60 while resistance is placed at 82.25.
Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China’s rate decision and the Fed chair's testimony.
The Indian rupee has been exhibiting strength recently, supported by strong FII inflows and favourable domestic macroeconomic data.
Indian rupee closed flat at 81.94 per dollar against previous close of 81.93.
Benchmark indices ended lower with Nifty around 18,750 in the volatile session on June 19.
At close, the Sensex was down 216.28 points or 0.34percentat 63,168.30, and the Nifty was down 70.50 points or 0.37percentat 18,755.50. About 1,623 shares advanced, 1,937 shares declined, and 163 shares were unchanged.
Adani Enterprises, Kotak Mahindra Bank, Hero MotoCorp, Axis Bank and Adani Ports were among the biggest losers on the Nifty, while gainers included HDFC Life, Bajaj Finance, Bajaj Finserv, Tech Mahindra and TCS.
Among sectors, auto, bank, realty, power, realty and FMCG were down 0.5 percent each, while the PSU bank index rose 1 percent and the Information Technology index added 0.4 percent.
The BSE midcap and smallcap indices ended on a flat note.
-Buy rating, target at Rs 90 per share
-Continue to maintain its market share in key markets
-Faridabad terminal will also start double stacking in 4-5 months
-Focus will remain on the western DFC
-Valuation looks attractive
Gateway Distriparks was quoting at Rs 74.30, up Rs 0.86, or 1.17 percent on the BSE.
-Buy call, target raised to Rs 195 from Rs 185 per share
-M&HCV medium-term target at 35 percent, 25 percent in 2-3.5 tonnes LCVs
-Medium-term EBITDA margin target is mid-teen
-Other focus areas include expanding export & defence footprint
-Building EV & alternate powertrains will also be focus areas
-Underperform call, target at Rs 115 per share
-Liked the focus on driving market-leading GMV growth
-It was evasive on losses in fashion/ beauty distribution businesses
-There are concerns of capital intensive growth given rising competition
