Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Thursday’s session in the red. The NSE Nifty 50 sank 67.80 points or 0.36% to 18,688.10 and BSE Sensex tumbled 310.88 points or 0.49% to 62,917.63. In sectoral indices, Bank Nifty plunged 544.40 points or 1.24% to 43,443.60, Nifty PSU Bank tanked 1.99% while Nifty Pharma jumped 1.42%. The top gainers on Nifty 50 were Apollo Hospitals Enterprise, Divis Lab, Dr Reddy’s Laboratories, Cipla and BPCL while the losers were Hero Motocorp, Wipro, IndusInd Bank, SBIN and Kotak Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Bank Nifty consolidation indicates a lack of a clear directional bias in the market. On the downside, the index has a support level of 43700, which has been held during the consolidation phase and can act as a potential floor for prices. On the upside, the index faces resistance around the 44300 level, which has limited the upward movement,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Bank Nifty has been trading in a narrow range around the 20-day moving average (44000). We expect Bank Nifty to hold on to this support and resume its up move. The short-term target is placed at 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“The short-term formation of the Nifty is on the bullish side but below 18700, we could see a quick intraday correction. For traders, 18775 would be the immediate breakout level to watch out and above the same, the index could rally till 18900-18950. On the other side, below 18700, the selling pressure is likely to accelerate and below the same the index could retest the level of 18600-18575,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
“For the Nifty to sustain its upward trajectory, it must maintain levels above the 18650-18625 zone. This would pave the way for further gains towards the 18825 and 18865 levels. On the downside, support levels can be found at 18600 and 18550. Options data suggests a broader trading range between 18500 and 18900, while the immediate trading range is expected to be between 18600 and 18800,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“NSE Nifty 50 is slowly inching higher towards the previous swing high of 18778 which once taken out shall lead to further upside. The hourly and daily momentum indicators are providing divergent signals which are likely to align once we get a decisive move on either side. Overall, the uptrend is intact, and we expect it to reach levels of 18800 in the short term. In terms of levels, 18630 – 186200 shall act as a crucial support zone while 18778 – 18800 shall act as an immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty remained sideways on Wednesday. However, the trend remains positive as the index closed above the critical near-term moving average. The momentum oscillator RSI is in a bullish crossover. Resistance on the higher end, is placed at 18800-18900. On the lower end, support is seen at 18700-18600,” said Rupak De, Senior Technical at LKP Securities.
The US market ended the overnight session on a mixed note after the US Federal Reserve did not alter the interest rates, but signalled in new projections that the key lending rate might need to rise by as much as half of a percentage point by the end of this year – Dow Jones Industrial Average (DJIA) fell 0.68%, S&P 500 rose 0.08% and the tech-heavy Nasdaq climbed 0.39%.
Asian markets were trading mixed – Hong Kong’s Hang Seng jumped 1.15%, China’s Shanghai Composite index gained 0.22%, Japan’s Nikkei 225 was trading flat while South Korea’s KOSPI fell 0.24% and Asia Dow dipped 0.50%.
The Nifty futures on Singapore Exchanges (SGX) were trading 27.5 points or 0.15% lower at 18,807.5 in the early morning trade.
The National Stock Exchange has IEX, India Cements, Delta Corp, BHEL, Manappuram Finance, ZEEL and Indiabulls Housing Finance securities on its F&O ban list for 14 June. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) purchased shares worth a net Rs 1,714.72 crore, while domestic institutional investors (DII) offloaded shares worth a net Rs 654.77 crore on June 14, according to the provisional data available on the NSE.
Oil prices edged higher on Thursday, recovering some ground from the previous day’s plunge on worries about future U.S. interest rate hikes, with markets now looking to key Chinese economic data for demand indications.
On Wednesday, continuing their upward momentum for the third day, the domestic indices NSE Nifty 50 and BSE Sensex recorded gains, ending the day in positive territory. Nifty 50 rose 0.21% to 18,756 and BSE Sensex gained 85 points to 63,228.
The SGX Nifty recorded a loss of 0.05% during Thursday’s early trading session, with a value of 18,826 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. “The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause,” said Vinod Nair, Head of Research, Geojit Financial Services.