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After An Extended Fluctuating Week, Market Ended on Positive Note

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After An Extended Fluctuating Week, Market Ended on Positive Note
Aditi Jain - 22 June 2018

The last day of the market’s week ended on a high note as the Sensex gained 257.21 points or 0.73 per cent to close at 35,689.60 while the Nifty shot up by 80.75 points or 0.75 per cent to close at 10,821.85, at the end of the trading day.

Devang Mehta, Head – Equity Advisory, Centrum Wealth Management, commented, “Over the last couple of months, there has been a clear polarisation in terms of sectoral and stock performances. The Sensex and the Nifty have remained strong on the back of few large cap stocks, and market leaders are seeing incremental flows and buying interest at the expense of mid and small sized companies which have seen selling pressure.”

In the BSE, Sun Pharma, M&M, HDFC Bank, Axis Bank and State Bank of India set the ruling trend while Reliance, TCS, Coal India, Wipro and Adani Ports trailed behind.

In the NSE, Sun Pharma, Bajaj Finance, Bajaj Finserv, M&M and HDFC Bank were the top gainers whereas Reliance, HPCL, Coal India, Eicher Motors and UPL were the major losers, at the time of writing the report.

At the end of the trading session, the Indian rupee declined by 0.16 paise to close at Rs 67.82 over the US Dollar.

Jayant Manglik, President, Religare Broking Ltd said, “We believe that Nifty would extend this positive bias but recovery in broader market is equally essential. We expect private banking and financials counters to do well along with select pharma and FMCG majors. Traders should prefer these sectors for fresh longs while a recovery in PSU (public sector undertaking) banks and metal should be used to reduce long positions, if any.”

In the BSE Mid Cap, the indices gained 71.91 points or 0.46 per cent to close at 15,839.61 and Small Cap rallied by 11.67 points or 0.07 per cent to close at 16,539.84.

The global market has ended on a positive note for Hang Seng, Shanghai Composite, DAX, CAC40 and FTSE 100, gaining 0.15 per cent, 0.49 per cent, 0.39 per cent, 0.84 per cent and 0.82 per cent, respectively. The Nikkei ended flat among all the indices, shedding 0.78 per cent, at the time of filing the report.

The commodities sector, the share price of gold fell by Rs 10 or 0.03 per cent to stand at Rs 30,606 per 10 grams and Brent Crude gained Rs 62 or 1.38 per cent to shut at Rs 4,419 per bbl, at the end of the trading day.

In the banking sector, Axis Bank, State Bank of India and HDFC Bank secured 11.40 points or 2.22 per cent, 4.55 points or 1.69 per cent and 25.10 points or 1.22 per cent, respectively.

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