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Taking Stock | Market ends flat on F&O expiry day, loses over 4% in June

In the June F&O series, the Nifty50 lost 2.4 percent. However, for the month of June, the BSE Sensex and Nifty fell 4.5 percent and 4.8 percent, respectively.

June 30, 2022 / 04:43 PM IST

The Indian equity market ended on a flat note in yet another highly volatile session on June 30. It was also the last of the Future & Options (F&O) contracts for the June series.

At close, the Sensex was down 8.03 points or 0.02% at 53,018.94, and the Nifty was down 18.80 points or 0.12% at 15780.30.

Amid mixed global cues, the market started on a flat note and witnessed a tight fight between bulls and bears throughout the session, with selling seen in the metal, auto, Information Technology, and PSU Bank stocks.

In the June F&O series, the Nifty50 lost 2.4 percent. However, for the month of June 2022, BSE Sensex and Nifty fell 4.5 percent and 4.8 percent, respectively.

"Shaking off a weak lead from the global market, domestic indices recouped their losses backed by banking and energy stocks. Asian and European markets struggled to regain footing amid global recession fears, leading to a resurgent US dollar, which benefitted from safe-haven demand," said Vinod Nair, Head of Research at Geojit Financial Services.

Close

"FII selling nearing exhaustion provided comfort to the jittery Indian market," Nair added.

Axis Bank, Britannia Industries, SBI, HDFC Life, and SBI Life Insurance were among the top Nifty gainers. Bajaj Auto, Cipla, Eicher Motors, BPCL, and Tech Mahindra were among the biggest losers on the index.

On the sectoral front, Nifty Auto, Metal, Information Technology, and PSU Bank shed 1-2%, while some buying was seen in the Nifty Banking and Energy names.

IndexPricesChangeChange%
Sensex59,773.27310.49 +0.52%
Nifty 5017,797.8599.70 +0.56%
Nifty Bank39,248.70206.40 +0.53%
Nifty 50 17,797.85 99.70 (0.56%)
Tue, Aug 16, 2022
Biggest GainerPricesChangeChange%
HDFC Life567.0022.05 +4.05%
Biggest LoserPricesChangeChange%
Grasim1,592.45-30.15 -1.86%
Best SectorPricesChangeChange%
Nifty Auto13140.00216.20 +1.67%
Worst SectorPricesChangeChange%
Nifty PSU Bank2866.95-12.65 -0.44%

Stocks and sectors

On the BSE, Auto, Realty, and Metal shed 1-2 percent. On the other hand, Power and Bank indices rose 0.5 percent.

The broader indices underperformed the main indices with BSE midcap and smallcap indices falling 0.5 percent each.

A long build-up was seen in Shriram Transport Finance Corporation, TVS Motor Company, and REC, while a short build-up was seen in Delta Corp, Container Corporation, and Jindal Steel.

Among individual stocks, a volume spike of more than 200 percent was seen in Sun TV Network, Delta Corp, and Oberoi Realty.

On the BSE, Blue Dart Express, Ratnamani Metals, and Voltamp Transformers touched their 52-week highs.

Outlook for July 1

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:

The Nifty index is stuck in a sideways trend where the immediate support is placed at 15,700 and resistance is at the 15,900 level. The index once breaches the level of 15,900 on the upside will see a sharp short covering on the upside towards 16,200 levels. The lower-end support if broken can see a fall towards the 15,500-15,400 zone where fresh put writing has been seen.

The fight between the bears and the bulls continued in the Bank Nifty index which led the index to close on a flat note on the last day of the monthly expiry.

The immediate support on the downside is placed at the 33,200-33,000 zone and the upside resistance is placed at 34,000 where a significant amount of call writing has been observed. The index needs to break out of this range on either side for getting a directional move.

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

Markets languished in negative territory for the most part of the trading sessions and finally ended flat on the expiry day. The undertone remains bearish due to weak global cues and persistent foreign fund outflows. There is so much uncertainty that traders don't want to risk placing huge bullish bets.

Technically, for the last three days, the market has been witnessing non-directional activity. For Nifty, 15,700 could be the key support level and 15,900 would act as an important resistance zone.

On a further decline, the index could fall to 15,600-15,550 levels. Any fresh uptrend is possible only after the index sees a 15,900 breakout and above the same, it could move up to 16,000-16,050.

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 30, 2022 04:43 pm
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