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Taking Stock: Sensex, Nifty close higher amid volatility; metal, realty sectors top performers

Top Nifty gainers included Grasim Industries, Hindalco Industries, JSW Steel, Adani Ports and BPCL, while losers were Hero MotoCorp, Sun Pharma, M&M, NTPC and Wipro.

June 20, 2024 / 16:00 IST
Market Today

Indian equity market closed on positive note on June 20 amid volatility with Nifty finishing above 23,550 led by metal, oil & gas and realty stocks.

At close, the Sensex was up 141.34 points or 0.18 percent at 77,478.93, and the Nifty was up 51 points or 0.22 percent at 23,567.

Top Nifty gainers included Grasim Industries, Hindalco Industries, JSW Steel, Adani Ports and BPCL, while losers were Hero MotoCorp, Sun Pharma, M&M, NTPC and Wipro.

Selling was seen in the auto, pharma and PSU Banks stocks, while buying was seen in the metal, capital goods, realty and oil & gas sectors.

The BSE midcap index rose 0.5 percent while the smallcap index added 1 percent.

Indian rupee ended at record closing low at 83.64 per dollar on Thursday versus Wednesday's close of 83.45.

More than 200 stocks touched their 52-week high on the BSE including Shriram Finance, JSW Steel, Bharat Forge, Deepak Nitrite, L&T Finance, Coromandel International, Max Healthcare, Indian Hotels, Federal Bank, Exide Industries, UNO Minda, Aditya Birla Capital, among other. Click to View Full List

Outlook for June 21

IndexPricesChangeChange%
Sensex85,505.58918.57 +1.09%
Nifty 5026,170.50285.70 +1.10%
Nifty Bank59,474.60654.30 +1.11%
Nifty 50 26,170.50 285.70 (1.10%)
Wed, Nov 26, 2025
Biggest GainerPricesChangeChange%
JSW Steel1,152.9040.90 +3.68%
Biggest LoserPricesChangeChange%
Bharti Airtel2,128.60-33.00 -1.53%
Best SectorPricesChangeChange%
Nifty Metal10250.10176.70 +1.75%
Worst SectorPricesChangeChange%
Nifty Pharma22746.70155.70 +0.69%

Aditya Gaggar Director of Progressive Shares

After a knee-jerk reaction in the opening trade, the Index remained rangebound for the rest of the day to end the weekly expiry trade at 23,567 with gains of 51 points. Among the sectors, Metal and Realty were the top performers, advancing over 1.80% while profit booking correction extended in the Auto space. The Pharma sector ended the day as a major laggard. Chemical and Fertilizer counters dominated today's trade as most of them soared in the range of ~10-20%.

After a pause of a day, Mid and Smallcaps extended their outperformance. With a Spinning Top candlestick pattern, nothing has changed for Nifty50 i.e. lower side is protected at 23,340 while 23,660 will be considered as resistance.

For the past couple of days, the Index has been oscillating in a range, breakout on either sides will provide a clear direction.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing minor weakness from the new highs on Wednesday, Nifty shifted into an upside bounce with range bound action on Thursday and closed the day higher by 51 points. After opening with a positive note, the Nifty showed minor kneejerk action soon after the opening. It later showed gradual upside momentum with narrow range movement.

A small negative candle was formed on the daily chart, that placed beside the long negative candle of Wednesday. Technically, this pattern indicates a doji type candle pattern, which doesn't have any significant predictive value, as the market is presently showing a broader sideways range movement.

The near-term uptrend with range bound action continued in Nifty and we expect similar movement is likely to continue in coming sessions. There is a possibility of minor intraday weakness resuming from near 23750-23800 levels and that could be a short-term buying opportunity. The near-term upside target to be watched around 23950 levels. Immediate support is at 23450.

Disclaimer: The views and investment tips expressed by investment 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 20, 2024 03:53 pm

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