The benchmark indices ended lower for the second consecutive session on June 23 with Nifty below 18,700 amid selling across the sectors.
At close, the Sensex was down 259.52 points or 0.41 percent at 62,979.37, and the Nifty was down 105.80 points or 0.56 percent at 18,665.50.
On the back of mixed global cues, the benchmark indices started on a weaker note and remained lower throughout the first half. However, saw some recovery in the afternoon session, but last-hour profit booking dragged the indices near the day's low.
For the week, BSE Sensex shed 0.6 percent, while Nifty50 declined 0.85 percent.
Stocks and sectors
The biggest losers on the Nifty were Adani Enterprises, Adani Ports, BPCL, Hindalco Industries and Divis Labs, while gainers included IndusInd Bank, Dr Reddy's Laboratories, Bharti Airtel, Asian Paints and NTPC.
Among sectors, metal, oil & gas, power, capital goods, auto, information technology and PSU Bank were down by 1-2 percent, while realty and FMCG were down 0.6 percent each.
The BSE midcap and smallcap indices also shed over a percent each.
A short build-up was seen in Adani Enterprises, Aarti Industries and Piramal Enterprises, while a long build-up was seen in Aurobindo Pharma, IndusInd Bank and Aditya Birla Capital.
Among individual stocks, a volume spike of more than 600 percent was seen in Delta Corp, Hindustan Aeronautics and Bharti Airtel.
On the BSE, Adani Total Gas, City Union Bank, SMS Lifesciences India, Rajesh Exports, Sunteck Realty, Shah Alloys, touched their 52-week low.
On the other hand, Larsen & Toubro, Arvind, Aurobindo Pharma, VA Tech Wabag, Texmaco Rail & Engineering, VST Tillers Tractors, Wheels India, Rico Auto Industries, InterGlobe Aviation, Jyoti, Orchid Pharma touched their 52-week high.
Outlook for June 26
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty fell for the second consecutive session on June 23 pulled lower by negative global cues. At close, Nifty was down 0.56% or 105.8 points at 18665.5. Broad market indices fell more than the Nifty even as the advance decline ratio fell further to 0.38:1.
Global stocks fell on Friday, extending their declines for the week and edging towards their worst week since March, as traders worried that central banks’ efforts to curb sticky inflation will lead to recessions and strengthen the US dollar.
Nifty formed a bearish Dark Cloud Cover pattern on weekly charts after falling 0.85% over the week. A quick recovery and move beyond the all time high may be difficult in the near term. Nifty could find support in the 18459-18555 band while 18795 could offer resistance on upmoves in the near term.
Amol Athawale, Technical Analyst (DVP), Kotak Securities
Nervousness continued to grip the markets as the US Fed indicating two more rate hikes this year raised concerns over the slackening global economic growth. In addition, mounting fears over China's growth prospects and falling crude oil demand are the negative catalysts prompting investors to go risk-off in equities. Sharp selling in metals, oil & gas and power stocks dragged Sensex below the 63k-mark after having hit a fresh high during the week. Technically, on intraday and daily charts, the Nifty has formed a double top formation and also formed a bearish candle on weekly charts which is broadly negative.
For traders the 20 day SMA (Simple Moving Average) or 18650 would act as a sacrosanct support level. If the index trades above the same then it could retest the level of 18880 and move up to 19000. Below the 20-day SMA or 18650, the market could slip till 18500-18450.
The Bank Nifty has formed a lower top formation and is currently trading near the 50-day SMA. For Bank Nifty traders, a 50-day SMA or 43500 would act as a key support level, above which a quick pullback rally till 20-day SMA or 44000-44300 is possible. On the other side, below 50-day SMA or 43500 it could slip till 43300-43000.
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