Indian equity indices started the week on a weak footing as the benchmarks snapped a four-day gaining streak, dragging Nifty below 25,500 intraday, on June 30. Strong selling was seen in the metal, auto, realty, FMCG names. However, buying in PSU Bank, IT, media helped Nifty to close above 25,500.
At close, the Sensex was down 452.44 points or 0.54 percent at 83,606.46, and the Nifty was down 120.75 points or 0.47 percent at 25,517.05.
The outperformance from the broader indices continued on seventh day, with BSE Midcap index rising 0.6 percent and smallcap index adding 0.8 percent.
The Nifty Bank index also hit fresh record high of 57,614.50 in today's session, but ended 0.2 percent lower at 57,312.75.
Read More: India-US likely to finalise trade deal before July 8 deadline: Report
Stocks & Sectors in ActionTata Consumer, Axis Bank, Kotak Mahindra Bank, Hero MotoCorp, Maruti Suzuki were among major losers on the Nifty, while gainers were Trent, SBI, IndusInd Bank, Bharat Electronics and Jio Financial.
On the sectoral front, PSU Bank index rose 2.6 percent, pharma index gained 0.5 percent, while realty, FMCG, auto, metal ended in the red.
Also Read: Hope cannot sustain valuations, says Kotak's Sanjeev Prasad on consumer stocks
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,391.27 | -275.01 | -0.32% |
| Nifty 50 | 25,758.00 | -81.65 | -0.32% |
| Nifty Bank | 58,960.40 | -261.95 | -0.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 7,228.50 | 105.50 | +1.48% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 4,805.50 | -162.00 | -3.26% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10159.00 | 46.35 | +0.46% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Midcap 100 | 59007.80 | -668.40 | -1.12% |
In stock specific, Sigachi Industries shares declined 11% amid reactor explosion in Telangana. Alembic Pharma shares jumped nearly 5% on USFDA approval for Doxorubicin Hydrochloride Injection. IDBI Bank shares climbed 1% as government nears financial bid phase. JB Chemicals shares fell 6% as Torrent Pharma acquired controlling stake worth Rs 25,689 crore. Waaree Energies shares jumped 7% after US arm won 540-MW solar module order. Karnataka Bank shares fell 5 percent on MD and CEO's resignation.
More than 150 stocks on the BSE touched their 52-week highs, including Deepak Fertilisers, City Union Bank, EID Parry, Laurus Labs, Aditya Birla Capital, Lloyds Metals, Interglobe Aviation, SRF, Poonawalla Fincorp, Abbott India, Ramco Cements, LT Finance, Redington, Gillette India, Hyundai Motor, HDFC Life, Max Financial, Solar Industries, among others. Click to View More
Global MarketsWall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve.
Asia shares ended mostly higher on Monday, while European markets were trading marginally lower.
Outlook for July 1Aditya Gaggar Director of Progressive SharesFollowing a tepid opening, the Index extended its losses throughout the session and ultimately closed lower at 25,517.05 with a loss of 120.75 points. Sectoral performance was mixed, with PSU Banks and Pharma emerging as the top gainers, while Realty and Auto lagged. The broader markets relatively showed strength, with both Midcap and Smallcap indices rising over 0.50%, outperforming the Frontline Index.
Technically, the Index has formed a bearish engulfing candlestick pattern near the lower end of the bearish gap zone around the 25,650 mark, which now stands as immediate resistance. On the downside, 25,400 will serve as a key support level.
Rupak De, Senior Technical Analyst at LKP SecuritiesThe Nifty witnessed some profit-taking as the index closed 152 points off the day’s high. Additionally, it has formed a bearish engulfing pattern on the daily timeframe, indicating fatigue in the ongoing market rally.
In the near term, the index may enter a phase of consolidation. The short-term trend is likely to remain sideways before any decisive directional move. On the downside, a decisive fall below 25,500 could trigger a correction. On the upside, resistance is placed at 25,600 and 25,800.
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.
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