Closing Bell: Sensex ends in the red, Nifty around 15,800; bank, FMCG, IT top losers

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Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:

Domestic equities witnessed volatile move ahead of monthly FNO expiry and weak global cues. Nifty opened gap down but inched gradually towards its previous day’s close with negative bias. The index finally ended with a loss of 51 points (-0.3%) at 15,799 levels. Broader market too ended in red down 0.5%. Among sectors Oil & Gas, Realty, Metals and Auto were gainers. While Financial Services, Banking, IT, Pharma and Media were laggards.

There is no clear direction in the market because of mixed global cues. While the easing of Covid restriction in China have helped to bring some positivity, the low consumer data from US brought forth concerns over growth and inflation. Going ahead, we expect market volatility to continue within a broader trading range.

Ajit Mishra, VP - Research, Religare Broking:

Markets traded volatile for yet another session and lost nearly half a percent. Weak global cues were weighing on the sentiment in early trade which triggered a gap-down start however buying in select index majors trimmed the losses as the day progressed. Finally, the Nifty index ended lower by 0.4% to close at the 15,799 level. The trend was mixed on the sectoral front wherein banking, IT and consumer durables ended with losses whereas oil & gas, realty and auto closed in the green. The broader indices too traded under pressure and lost over half a percent each.

Markets will react to the US GDP data in early trades and then the focus would shift to the monthly derivatives expiry.  While the Nifty has been hovering around its crucial hurdle of 15,900, the recent decline in the banking index is pointing towards more pain ahead. Participants should maintain caution and focus more on overnight risk management.

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty ended in the negative zone after two day of gains as the late morning rally after a gap down open fizzled out towards the end of the session. At close Nifty was down 0.32% or 51.1 points at 15799.1. Volumes on the NSE were the highest since June 17. Despite the fall, Indian markets were among the best performers in the Asian region. Among sectors, power & oil & gas indices rose the most while banks, IT and FMCG indices fell the most. Broader markets were weak as midcap index fell 0.74% and advance decline ratio ended in the negative.

Global stock markets slipped for the second straight day on Wednesday on growing fears that policymakers bent on dampening inflation will tip their economies into recession. Nifty has shown signs of rising from the opening low levels over the past few sessions. However it is not able to build on the gains in the session. Nifty could remain in the 15638-15927 band over the next few sessions.

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services:

Rupee fell to fresh all-time lows following broad strength in the dollar against its major crosses. Dollar rose despite  consumer confidence number released from the US came in below estimates. Euro and pound consolidated in a narrow range ahead of major central bank governor's statement. Today focus will be on the final GDP number; better-than-expected number could support the dollar at lower levels. We expect the USD-INR to trade sideways but with a positive bias quote in the range of 78.70 and 79.20

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:

June series witnessed significant volatility and continues to trade with a negative bias below 15930. Medium term outlook remains negative while for the short term we believe technical bounce back is possible on crossing of resistance levels. On the higher side 16300-16500 is possible. Energy and select midcap stocks remain attractive. Banking stocks trades here critical support levels. Metals continue to remain weak with high volatility.

Vinod Nair, Head of Research at Geojit Financial Services:

Consumer confidence is declining rapidly due to the uncontrolled & constant rise in inflation. India had to bear the double whammy effect of a dampening global equity market and rising crude prices as major suppliers like Saudi are unable to boost the output in the short-term. However, the domestic market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, metals and oil & gas stocks before slipping some gains by the end of the day due to volatile global market.

Rupee at close: Rupee ends at record closing low of 78.97 against June 28 close of 78.77 per US dollar

Market at Close: Benchmark indices ended in the red on June 29 with Sensex down 150.48 points or 0.28% at 53026.97, and the Nifty falling 51.10 points or 0.32% at 15799.10. 

Long Build-ups

Long build-ups were witnessed in the stocks of Bosch Ltd, Abbot India and Trent. 

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Market at 3.00 PM
Indices trade flat amid volatility, Nifty above 15,800
The Sensex was trading off day's high with a gain of 21.89 points or 0.04% at 53,183.17 and the Nifty was higher by 2.2 points or 0.01% at 15,834.25 About 1,528 shares have advanced, 1,735 shares declined, and 147 shares are unchanged.