Market This WeekThe broader indices outperformed the main indices and tested a fresh all-time high in the week ended June 14.
This week, BSE Sensex added 299.41 points or 0.39 percent to finish at 76,992.77, while the Nifty50 index gained 175.45 points or 0.75 percent to end at 23,465.60.
Story continues below Advertisement Remove AdAmong the broader indices, the BSE Small-cap index added 5 percent, the Mid-cap index rose 4.4 percent and the Large-cap index gained 1 percent.
During the week, BSE Sensex and Nifty50 touched their fresh record highs of 77,145.46 and 23,490.40, respectively.
Among sectors, BSE Capital Goods index added 6.4 percent, BSE Realty index gained 5.4 percent, BSE Telecom index gained nearly 4 percent, and BSE Oil & Gas index rose 3.5 percent each.
Market This Week
The broader indices outperformed the main indices and tested a fresh all-time high in the week ended June 14. The Indian markets remained rangebound but ended higher for the second consecutive week and posted the biggest two-week gains since December 2023.
This week, BSE Sensex added 299.41 points or 0.39 percent to finish at 76,992.77, while the Nifty50 index gained 175.45 points or 0.75 percent to end at 23,465.60.
Story continues below Advertisement Remove Ad
Among the broader indices, the BSE Small-cap index added 5 percent, the Mid-cap index rose 4.4 percent and the Large-cap index gained 1 percent.
During the week, BSE Sensex and Nifty50 touched their fresh record highs of 77,145.46 and 23,490.40, respectively.
Among sectors, BSE Capital Goods index added 6.4 percent, BSE Realty index gained 5.4 percent, BSE Telecom index gained nearly 4 percent, and BSE Oil & Gas index rose 3.5 percent each. However, BSE Information Technology and FMCG indices shed 1 percent each.
During the week, Foreign institutional investors (FIIs) bought equities worth Rs 2,030.83 crore, while Domestic Institutional Investors (DII) also bought equities worth Rs 6293.38 crore.
"The domestic market remained marginally positive this week, albeit with a temporary blip in momentum due to a lack of fresh triggers. Nonetheless, mid and small-cap sectors demonstrated outperformance, as sentiment has enhanced again for growth-based stocks. The outcome of the FOMC meeting was hawkish; market expectations have shifted from two rate cuts in CY24 to just one. However, the stability of US inflation provided some relief," said Vinod Nair, Head of Research, Geojit Financial Services
"Domestic CPI data suggests a gradual decline in inflation. Though the last mile towards the inflation target remains sticky, given the expectation of a normal monsoon, investors are hopeful that the MPC will be one step closer to the easing cycle."
Story continues below Advertisement Remove Ad
"Following strong IT sector returns last week, heavyweights and FMCGs experienced selling pressure. However, all other sectors maintained positive performance this week, with real estate notably outperforming based on government spending announcements in rural areas. In the upcoming week, attention will be on the release of industrial production data from India, China, and Eurozone inflation as investors seek insights into the economic outlook of these countries," he added.
The BSE Small-cap index surged 5 percent and touched a new record high of 51,259.06. PTC Industries, Avantel, Honda India Power Products, Paras Defence and Space Technologies, Hindustan Construction Company, Bannariamman Sugars, Chemplast Sanmar, GTL Infrastructure, Wardwizard Innovations and Mobility, EIH Associated Hotels, Home First Finance Company India, Reliance Power, Asian Granito India gained between 25-34 percent.
On the other hand, Sanofi India, IRB Infrastructure Developers, Heritage Foods, PNC Infratech, India Pesticides, Waaree Renewable Technologies, Poonawalla Fincorp, Sanmit Infra, TruCap Finance, Divgi Torqtransfer Systems, Finolex Industries lost between 5-29 percent.
Where is Nifty50 headed?
Ajit Mishra – SVP, Research, Religare Broking
The market maintained a consolidation bias on Friday, closing marginally in the green. Indications suggest further consolidation in the Nifty index. Traders are advised to use any dip around the 23,100-23,300 zone to initiate fresh positional longs. A decisive close above 23,600 could trigger an uptrend towards the 24,000 zone. Meanwhile, a stock-specific trading approach is proving effective, and participants should align their positions accordingly.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty remained within the defined range of 23,300-23,500. The short-term sentiment is likely to remain more or less positive. Support levels are seen at 23,400/23,300, where put writers have built significant positions. A decisive fall below these levels might shift the market balance in favor of the bears. Until then, it’s a buy-on-dips market. On the higher end, a decisive move above 23,500 might lead to a sharp upside in the near term.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty has been consolidating in the broad range of 23200 – 23500. The more it consolidates around this level the more likelihood of a breakout in the coming week. It has already been five days and we believe that a trending move is likely to unfold. The hourly momentum indicator has triggered a positive crossover from the equilibrium line suggesting that the consolidation has matured and can resume the next leg of upmove.
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.
