Indian equity indices extended their rally to fresh record highs on June 28, with Nifty crossing another milestone 24,100 and Sensex 79,600 led by Reliance Industries and other heavyweights. However, selling at higher levels erased all the day’s gains to end in the red.
At close, the Sensex was down 210.45 points or 0.27 percent at 79,032.73, and the Nifty was down 33.90 points or 0.14 percent at 24,010.60.
For the week, BSE Sensex and Nifty50 index added 2 percent each, however, for the month of June 2024, both the benchmarks surged 6.5 percent each.
BSE Sensex and Nfity50 indices hit new record highs of 79,671.58 and 24,174, respectively. Also, Nifty Midcap 100 index touched a fresh high of 55,927.60, intraday.
After a gap-up opening at fresh record high, the market remained in positive territory in the first half, however, in the second half it gyrated between gains and losses to finish near day's low.
Biggest Nifty gainers included ONGC, Dr Reddy's Labs, Reliance Industries, SBI Life Insurance and Tata Motors, while losers were IndusInd Bank, Bharti Airtel, Axis Bank, ICICI Bank and Kotak Mahindra Bank.
On the sectoral front, healthcare, metal, PSU Bank, oil & gas, realty indices were up 0.5-1 percent, while bank index was down 1 percent and capital goods index shed 0.4 percent.
The BSE midcap and smallcap index added 0.5 percent each.
Around 260 stocks touched their 52-week high on the BSE, including Tech Mahindra, Reliance Industries, JSW Steel, Bharti Airtel, Divis Lab, Grasim Industries, Indraprastha Gas, Godrej Properties, Oil India, LIC Housing, Biocon, PB Fintech, Bombay Burmah, Mahanagar Gas, Muthoot Finance, Vodafone Idea, among others. Click to View Full List
Outlook for July 1
Rupak De, Senior Technical Analyst, LKP Securities
The index formed a small-bodied red candle, breaking a four-day winning streak. The sentiment continues to remain strong as the index closed significantly above the critical moving average.
However, after a continuous rally, the index looks a bit heavy and might attract profit booking if Nifty sustains below 24,000.
On the lower end, the index might fall towards 23,850/23,700 in the short term upon a decisive fall below 24,000. On the higher end, resistance is visible at 24,200.
Ajit Mishra – SVP, Research, Religare Broking
The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. Initially positive, the session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24,009.30 levels, down by 0.15%. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5%-0.9% in broader indices.
Looking ahead, there's a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategize accordingly.
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