Mid-Day Market Blues

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Mid-Day Market Blues
Pritam Goswami - 28 June 2018

The market on Thursday, followed the previous day’s trend, with the S&P BSE Sensex losing 91.75 points or 0.26 per cent at 35,125.36. The NSE Nifty 50 also trailed by 35.60 points or 0.33 per cent at 10,635.80, after two hours of market opening.

“Nifty has broken the important support of 10700, putting pressure on index pivotal as the monthly candle turned negative. There are multiple reasons for the fall. Higher crude prices and rupee touching its all-time low weighed heavy on the market contributed to the fall in the market. Sharp profit booking was also witnessed in the energy and NBFC sectors.” said Rajeev Srivastava, Head-Retail Broking, Reliance Securities. “Today being the last day of the June 2018 F&O (Futures and Options) expiry, the market will remain volatile, especially in the last one hour of trade with investors rolling over their stock and index F&O positions for the next month,” he added.

M&M, Infosys, Tata Steel, ONGC and Axis Bank were the highest gainers at the BSE, whereas Coal India, ICICI Bank, Power Grid Corporation, HDFC and Yes Bank were at the losing end.

At the NSE, M&M, Indian Oil Corporation and Infosys were on the high end while Tech Mahindra, Titan Company and GAIL were the top three losers.

After ending on a high note on Wednesday, the commodities sector, went down on Thursday as Brent Crude saw a fall of Rs 62 or 1.38 per cent to stand at Rs 4,419.00 per bbl, while gold lost Rs 20 or 0.07 per cent and stood at Rs 30,675.00, at the time of filing the report.

The banking sector started on a positive note for Axis Bank and HDFC Bank with a gain of 0.86 per cent and 0.63 per cent while it turned distraught for others as, IndusInd Bank and SBI lost 0.49 per cent and 0.75 per cent, respectively, at the mid-day market.

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