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Taking Stock: Market at record closing high; Sensex up 196 points, Nifty above 18,850

The BSE midcap index rose 0.7 percent and smallcap index gained 0.2 percent.

June 21, 2023 / 16:24 IST
Among sectors, metal index down nearly 1 percent, FMCG index down 0.4 percent and realty index down 0.3 percent, while power index up 1 percent and oil & gas index rose 0.5 percent.

The Indian equity benchmarks ended at record closing levels in volatile session on June 21 supported by power, oil & gas and information technology stocks.

At close, the Sensex was up 195.45 points or 0.31 percent at 63,523.15, and the Nifty was up 40.10 points or 0.21 percent at 18,856.80.

On the back of weak global cues, the market started on a flat note but soon Sensex touched a fresh record level of 63,588.31 while Nifty remained a tad below its all-time high level of 18,887.60.

Stocks and sectors

Power Grid Corporation, ONGC, HDFC Bank, Adani Ports and HDFC were among the biggest gainers on the Nifty, while losers were JSW Steel, Hindalco Industries, M&M, Divis Laboratories and ITC.

Among sectors, the metal index was down nearly 1 percent, the FMCG index fell by 0.4 percent and the realty index was down 0.3 percent, while the power index was up 1 percent and the oil & gas index rose 0.5 percent.

The BSE midcap index rose 0.7 percent and smallcap index gained 0.2 percent.

A long buildup was seen in Piramal Enterprises, Shriram Finance and Lupin, while a short build-up was seen in IDFC, AU Small Finance Ban and Bandhan Bank.

IndexPricesChangeChange%
Sensex85,186.47513.45 +0.61%
Nifty 5026,052.65142.60 +0.55%
Nifty Bank59,216.05316.80 +0.54%
Nifty 50 26,052.65 142.60 (0.55%)
Wed, Nov 19, 2025
Biggest GainerPricesChangeChange%
Max Healthcare1,164.4047.70 +4.27%
Biggest LoserPricesChangeChange%
TMPV360.85-10.45 -2.81%
Best SectorPricesChangeChange%
Nifty IT37044.701069.50 +2.97%
Worst SectorPricesChangeChange%
Nifty Energy36132.30-91.50 -0.25%

Among individual stocks, a volume spike of more than 1000 percent was seen in Manappuram Finance, Zee Entertainment Enterprises and Lupin.

Over 200 stocks touched their 52-week high on the BSE, including Zydus Lifesciences, KPI Green Energy, Ujjivan Financial Services, Tata Motors, Power Finance Corporation, Rico Auto Industries, Exide Industries, Housing & Urban Development Corporation and Inox Wind.

Outlook for June 22

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty opened on a positive note and witnessed a rangebound day of trade today. It closed on a positive note, up ~40 points. On the daily charts, we can observe that the Nifty held on to the lower end of the rising channel and is slowly inching higher towards the all-time high. The daily and hourly momentum indicators is providing divergent signals which is leading to the range-bound price action.

Prices are trading around the resistance zone of 18780 – 18800 where multiple swing highs are placed. Once this zone is surpassed, we can expect further upside in the index. Crucial support levels to keep handy are 18660 – 18610 and 18880 – 18900 is the crucial resistance level.

As far as Bank Nifty is concerned, the index witnessed rangebound price action and closed with gains of ~90 points. It witnessed resistance from the zone of 43900 – 44000 where resistance in the form of the 20-day moving average (43974) is placed. Overall, the trend is still sideways, and the range of consolidation is likely to be 44500 – 43400.

Shrikant Chouhan, Head of Research (Retail), Kotak Securities

It's purely the positive domestic fundamentals that are reflecting in the markets, which drove the Sensex to a new life-time high and pushed Nifty closer towards breaching its previous high. While global macro headwinds still persist, both domestic and foreign investors will continue to bet big on local shares amid improving growth parameters.

The rally did not gather steam as investors traded with caution ahead of the US Federal Reserve Chairman's testimony before the US Congress later today.

Technically, on intraday charts the Nifty is holding a higher bottom formation, which is broadly positive. For traders, 18780 would be the key support level to watch out for and above the same, the index could move up till 18900-18950. However, a quick short-term correction is not ruled out if the index trades below 18780 and slips till 18720-18700.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Jun 21, 2023 03:52 pm

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