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Taking Stock | Market ends lower amid volatility; more than 150 stocks hit 52-week lows

The BSE midcap and smallcap indices end marginally lower.

June 14, 2022 / 04:51 PM IST

Indian benchmark indices ended lower in the third consecutive session on June 14 amid volatility, with selling seen in the metal, oil and gas, and auto names.

At close, the Sensex was down 153.13 points or 0.29 percent at 52,693.57, and the Nifty was down 42.30 points or 0.27 percent at 15,732.10.

Amid weak global cues, the Indian indices started lower and gyrated between gains and losses during the day, but finished the day with marginal losses.

"Domestic market restrained from heavy sell-off as CPI data moderated on MoM basis and this had a calm-down effect amidst global volatility," said Vinod Nair, Head of Research at Geojit Financial Services.

"However, elevated WPI data continued to dominate the broad market, which is cautiously awaiting tomorrow’s Fed policy meeting outcome."

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"Earlier the global market was anticipating a 50bps hike but now is worried about a higher rate hike due to persistent US inflation," he added.

Bajaj Auto, IndusInd Bank, Hindalco Industries, ONGC and Tech Mahindra were among the top Nifty losers, while gainers were NTPC, M&M, Bharti Airtel, Apollo Hospitals and Divis Labs.

On the sectoral front, Nifty Auto, Bank and Energy indices ended in the red; however, some buying was seen in the metal, pharma and IT names.

IndexPricesChangeChange%
Sensex53,201.39174.42 +0.33%
Nifty 5015,830.1031.00 +0.20%
Nifty Bank33,521.00251.10 +0.75%
Nifty 50 15,830.10 31.00 (0.20%)
Thu, Jun 30, 2022
Biggest GainerPricesChangeChange%
HDFC Life554.4013.15 +2.43%
Biggest LoserPricesChangeChange%
Bajaj Auto3,718.40-149.15 -3.86%
Best SectorPricesChangeChange%
Nifty Bank33532.60262.70 +0.79%
Worst SectorPricesChangeChange%
Nifty Metal4709.05-46.35 -0.97%

Also Read - Fitch expects RBI to raise interest rates to 5.9% by December-end

Stocks and sectors

On BSE, auto, metal, and oil and gas indices fell 0.5-1 percent, while capital goods, power and realty indices were up 0.4-0.7 percent.

The BSE midcap and smallcap indices ended marginally lower.

A long build-up was seen in Adani Enterprises, Torrent Power and Aurobindo Pharma, while a short build-up was witnessed in HPCL, Bajaj Auto and Polycab India.

Among individual stocks, a volume spike of more than 100 percent was seen in Bajaj Auto, Indiabulls Housing Finance and Polycab India.

Today, more than 150 stocks hit their 52-week lows on the BSE. These included Wipro, Tata Steel, Hindalco Industries, Fortis Healthcare and Jammu & Kashmir Bank.

Also Read - WPI inflation hits new high in May, rises to 15.88%

Outlook for June 15

Rupak De, Senior Technical Analyst at LKP Securities:

The Nifty started the day on a negative note on June 14 and remained mostly sideward during the day. On the lower end, it found support at the historical swing low before closing a bit higher.

The daily RSI is in the bearish crossover. The trend is likely to remain sideward in the short term. On the lower end, support is visible at 15,650. On the higher end, resistance is placed around 15,900-16,000.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:

The US FED outcome along with its commentary on Wednesday would set the tone for the near-term market direction. The high inflationary environment around the globe, fresh curbs in China and rising crude oil prices are likely to keep the markets under pressure for a while.

On the domestic front, persistent selloff by FIIs, coupled with a weak rupee, is further dampening investors’ risk appetite.

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 14, 2022 04:46 pm
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