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HomeNewsBusinessMarketsTaking Stock | Sensex, Nifty end lower amid weak global cues; mid & small-caps buck the trend

Taking Stock | Sensex, Nifty end lower amid weak global cues; mid & small-caps buck the trend

Midcaps and smallcaps outperformed as the BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher.

June 08, 2021 / 16:32 IST

Flagship indices the Sensex and the Nifty ended lower on June 8, with banks and financial heavyweights such as HDFC twins, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank as top drags.

Sensex opened in the green but gave up gains quickly and traded lacklustre throughout the session amid weak global cues.

Eventually, the 30-share pack closed 53 points, or 0.10 percent, lower at 52,275.57 while the Nifty settled with a nominal loss of 12 points, or 0.07 percent, 15,740.10.

Midcaps and smallcaps outperformed. The BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher.

"Tracking cues from weak Asian peers, benchmark indices failed to sustain its momentum to stay at all-time highs, however, buoyancy in the broad market is maintained," said Vinod Nair, Head of Research at Geojit Financial Services.

"Global markets are awaiting US inflation data, due on Thursday, to get cues over Fed policy outlook and global recovery, which will bring some volatility during the week."

Sectors & stocks

Among the sectors, the BSE Metal index closed 1.38 percent lower. BSE Bankex ended 0.96 percent down and the finance index fell 0.68 percent.

BSE Telecom closed 1.72 percent higher, emerging as the top gainer among sectoral indices. BSE Teck, IT and healthcare each closed over a percent higher.

IndexPricesChangeChange%
Sensex85,267.66449.53 +0.53%
Nifty 5026,046.95148.40 +0.57%
Nifty Bank59,389.95180.10 +0.30%
Nifty 50 26,046.95 148.40 (0.57%)
Fri, Dec 12, 2025
Biggest GainerPricesChangeChange%
Hindalco852.1027.75 +3.37%
Biggest LoserPricesChangeChange%
HUL2,260.60-45.00 -1.95%
Best SectorPricesChangeChange%
Nifty Metal10536.50269.60 +2.63%
Worst SectorPricesChangeChange%
Nifty FMCG54490.80-128.85 -0.24%

Nearly 550 stocks, including NTPC, Titan, ACC, UPL, Wipro, Tata Consumer Products, Adani Power, Balkrishna Industries and Birlasoft, hit their 52-week high on BSE in intraday trade today.

Almost 600 stocks, including D B Corp, Majesco, Neuland Laboratories, Somany Home Innovation, Reliance Infrastructure, Bajaj Hindusthan Sugar and Reliance Power, hit their upper circuits on BSE in intraday trade today.

Technical View

Nifty formed a hanging man of an indecisive formation on the daily scale.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in is of the view Nifty may be in the distribution phase and a close below 15,600 can trigger a sharp downswing with initial targets placed in the zone of 15,459 – 375 levels.

"If bulls manage to push the index beyond 15,778 then strength may get expand into the zone of 15,850 – 929 levels. We advise traders to remain neutral on the index but stock-specific opportunities can be considered by traders as the advance-decline ratio is still favoring bulls," Mohammad said.

As per Rohit Singre, Senior Technical Analyst at LKP Securities, the stiff hurdle for Nifty is still placed at 15,800 and any decisive close above 15,800 can open the quick door for the 16,000 mark.

"Support is still the same at 15,680-15,600 zone and any dip near the said levels will be a buying opportunity with keeping overall stop out level below 15,470 zones," said Singre.

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.

Nishant Kumar
first published: Jun 8, 2021 04:31 pm

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