Bulls took charge on expiry day to extend the winning streak for a third consecutive session on June 26, as all-round buying took Nifty 50 beyond 25,500 level to close at a near nine-month high.
At close, the Sensex was up 1,000.36 points or 1.21 percent at 83,755.87, and the Nifty was up 304.25 points or 1.21 percent at 25,549. The broader indices too extended gains for a fifth day, with BSE midcap index rising 0.5 percent while smallcap index ending marginally higher.
The market opened higher but saw extended buying as the session progressed, supported by heavyweight names and shares of metal, banking and oil & gas pack, with Nifty Bank ending at a record high.
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Stocks & Sectors in Action
As many as four Nifty 50 stocks - Bharti Airtel, HDFC Bank, HDFC Life and Grasim - hit record high in today's session.
The biggest Nifty gainers were Shriram Finance, Hindalco Industries, Tata Steel, Jio Financial, Adani Ports, while losers were Dr Reddy's Labs, Tech Mahindra, Hero MotoCorp, Maruti Suzuki, SBI.
Among sectors, private bank, oil & gas and metal indices up 1-2 percent, while realty, media indices shed a percent each.
Also Read: Bharti Airtel shares hit fresh all-time high, jump 8% in seven sessions: What lies ahead?
Dr Reddy's shares drop 1.5% after Citi trimmed target price with a 26% downside, Texmaco Rail shares rose nearly 3 percent on wagons supply order worth Rs 535 crore, One Mobikwik shares added 6 percent after a large block trade, and SMS Pharmaceuticals shares surged 3% on 'Zero' observations from USFDA.
More than 120 stocks on the BSE touched their 52-week highs, including Nuvama Wealth, Dalmia Bharat, Abbott India, Gillette India, Bharti Airtel, LT Finance, MCX India, Lloyds Metals, Aditya Birla Capital, HDFC Bank, Max Healthcare, Grasim Industries, among others. Click to View More
Outlook for June 27
Rupak De, Senior Technical Analyst at LKP Securities
Nifty has given a decisive move above the recent consolidation on the daily chart, indicating growing optimism among traders and investors.
Unprecedented put writing and call unwinding ahead of the NSE monthly expiry also signaled bullish aggression yesterday. Now that the index has broken above the consolidation zone, we continue to maintain our bullish view going forward.
With no major resistance until the 25,700–25,750 zone, we expect this rally to extend by another 150–200 points on the upside. On the downside, support is seen around 25,300–25,350.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After witnessing a gradual up move in the last couple of sessions, Nifty witnessed an excellent breakout on Thursday and closed the day higher by 304 points. After opening with a positive note, the market continued to surge higher for better part of the session. Intraday dips in between have been bought into and Nifty closed at the highs.
A long bull candle was formed on the daily chart which indicates a decisive break out of the last couple of months high low range of 24500-25200 levels and closed higher. Technically, such sharp breakouts after the consolidation bands more often trigger strong upside momentum in the underlying's. Hence, one may expect sharp follow-through up moves in the short term.
The underlying trend of Nifty remains positive. Having almost reached our upside target of 25600 levels on Thursday; Nifty could now advance towards the next upper 25800-26000 mark by next week. Immediate support is placed at 25400 levels.
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