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Taking Stock | Market snaps 6-day losing streak, Sensex and Nifty close higher but metals tumble

The broader market underperforms the benchmarks. The BSE midcap index declined 1.4 percent and the smallcap index closed 3 percent down

June 20, 2022 / 04:46 PM IST
Stock Market Today:

Stock Market Today:

Indian equity benchmark snapped a six-day losing streak on June 20 to close in the green helped by information technology (IT) and FMCG names in a highly volatile session.

At close, the Sensex was up 237.42 points, or 0.46 percent, at 51,597.84 and the Nifty was up 56.70 points, or 0.37 percent, at 15,350.20

Despite mixed global cues, the Indian market opened higher but saw range-bound movement for most of the day. Last-hour buying helped indices to close near the day’s high but selling in metal stocks capped the gains.

"Positive trends in the global markets inspired domestic market to trade positively with largecaps gaining the most while mid and small caps continued to trade with cuts," said Vinod Nair, Head of Research at Geojit Financial Services.

Inflationary pressures and concerns over monetary tightening limited the upside. Among the sectors, metals were the top laggard due to a sharp fall in commodity prices along with a fall in global and domestic demand, he added.


HUL, HDFC, Apollo Hospitals, Asian Paints and UltraTech Cement were among the top Nifty gainers. Losers were led by ONGC, Tata Steel, UPL, Hindalco Industries and Coal India.

On the sectoral front, the Nifty FMCG index rose nearly 2 percent, IT index 0.8 percent and the pharma index added 0.3 percent. Metal, auto, energy and PSU Bank indices were down 0.7-4 percent.

Stock and sectors

Sensex58,817.29-35.78 -0.06%
Nifty 5017,534.759.65 +0.06%
Nifty Bank38,287.8550.45 +0.13%
Nifty 50 17,534.75 9.65 (0.06%)
Wed, Aug 10, 2022
Biggest GainerPricesChangeChange%
Hindalco440.1018.70 +4.44%
Biggest LoserPricesChangeChange%
Bajaj Finance7,149.40-192.80 -2.63%
Best SectorPricesChangeChange%
Nifty Metal5759.6091.60 +1.62%
Worst SectorPricesChangeChange%
Nifty IT29701.15-266.55 -0.89%

On the BSE, oil & gas, metal, capital goods, power and realty shed 1.5-4 percent. The FMCG index added 1 percent and IT index 0.5 percent.

The broader market underperformed the benchmarks. The BSE midcap index was down 1.4 percent and smallcap index declined 3 percent.

A short build-up was seen in Bandhan Bank, Vedanta and GNFC, while long build-up was seen in the Pidilite Industries, Godrej Consumer Products and HDFC.

Among individual stocks, a volume spike of more than 200 percent was seen in Bandhan Bank, Rain Industries and Vedanta.

More than 500 stocks hit their 52-week low on the BSE. These included Moil, IOC, Hindustan Zinc, South Indian Bank, Tata Steel, Wockhardt, Jindal Steel & Power, Dish TV India, PNB and RBL Bank.

Outlook for June 21

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities

The Nifty saw consolidation with heavyweights supporting the index, while the broader market continued to witness deep pain. The index’s lower end support stands at 15,200 and immediate resistance is 15,450. A break on either side will lead to trending moves. The index manages to go past 15,450, it can rally towards 15800.

The Bank Nifty is still trading in a downtrend with lower high and lower low formations intact.

On the daily chart, the immediate resistance is placed at 33,100, a break of which can see some short-covering. The downside support is at 32,400, a breach of it will lead to a fresh round of selling.

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

The markets finally heaved a sigh of relief and logged steady gains after early optimism in key European indices prompted selective buying in IT, finance and healthcare stocks. But a bearish undertone can be seen from heavy selling in metals, oil & gas and capital goods stocks as worries about a slowdown sunk these sectors.

On intraday charts, the Nifty has formed a double bottom formation, which is broadly positive in the near term.

The index also formed a Hammer reversal candle on the daily charts, indicating a fresh pullback rally.

For day traders, 15,250 will be the sacrosanct support zone and if the index succeeds to trade above it, the pullback rally is likely to continue and could move to 15,600.

The uptrend, however, will be vulnerable below 15,250 and the index can slip to 15,180-15,100.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Jun 20, 2022 04:46 pm
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