Indian equity indices ended lower for the second day in a row in a volatile session on June 9 amid selling seen across the sectors, barring capital goods and power.
The 30-pack Sensex shed 223.01 points or 0.35 percent to close at 62,625.63, and the Nifty was down 71.10 points or 0.38 percent at 18,563.40.
After a flat to positive start, the market remained in the green for the first couple of hours, meanwhile, profit booking in the second half dragged the indices to the day's low.
For the week, Sensex and Nifty added 78 and 29 points, respectively.
Stocks and sectors
Top losers on the Nifty were Hero MotoCorp, Divis Laboratories, Tata Steel, HDFC Life and Eicher Motors, while gainers included IndusInd Bank, Axis Bank, L&T, Adani Enterprises and Power Grid Corporation.
Among sectors, capital goods rose 1 percent, while FMCG, PSU Bank, Information Technology, metal and oil & gas down 0.5-1 percent.
The BSE midcap and smallcap indices ended flat.
| Index | Prices | Change | Change% |
|---|---|---|---|
| 62,625.63 | -223.01 | -0.35% | |
| Nifty 50 | 18,563.40 | -71.15 | -0.38% |
| Nifty Bank | 43,989.00 | -6.25 | -0.01% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| IndusInd Bank | 1,331.05 | 27.20 | +2.09% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Hero Motocorp | 2,899.30 | -65.50 | -2.21% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Infra | 5574.25 | 3.30 | +0.06% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 4035.30 | -49.50 | -1.21% |
A long build-up was seen in India Cements, Hindustan Aeronautics and Tata Communications, while a short build-up was seen in Indian Energy Exchange, SRF and Deepak Nitrite.
Among individual stocks, a volume spike of more than 300 percent was seen in India Cements, Manappuram Finance and Delta Corp.
Aether Industries, Zomato, NTPC, Genus Power, Britannia Industries, Astral, Hindustan Aeronautics, Just Dial, Macrotech Developers, Texmaco Rail, Sonata Software, Usha Martin among the stocks that touched their 52-week high on the BSE.
Outlook for June 12
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd
Indian markets turned laggards for a second straight session despite an uptick in other Asian and European indices. Local shares had run up sharply in the run-up to RBI's monetary policy, and with the outcome coming on expected lines investors continued with their profit-booking spree.
While markets may remain volatile in the near term, the focus will now shift to next week's US FOMC meeting, with worries over a likely hawkish stance by the Fed could keep local investors guarded in their approach. Technically, the Nifty took resistance near 18775 and reversed sharply.
On weekly charts, the index has formed a Hammer candlestick formation, which indicates further weakness from the current levels. As long as the index is trading below 18675, the weak sentiment is likely to continue and below the same it could slip till 20 day SMA (Simple Moving Average) or 18450. Further down side may also continue which could drag the index till 18350. On the flip side, a fresh uptrend rally is possible only after the dismissal of 18675 and above the same the market could rally till 18800-18900.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets edged lower and lost nearly half a percent, in continuation to the previous session’s fall. After the flat start, the Nifty gradually inched lower as the day progressed and finally settled around the day’s low at 18,563.40 levels. The majority of sectors aligned with the benchmark move and ended lower wherein IT, FMCG and auto were among the top losers. The broader indices too witnessed profit taking and settled marginally in the red.
Indications are pointing towards a further slide in the Nifty index however downside also seems capped citing support at 18,400 levels. We recommend focusing more on position management during the corrective phase and preferring sectors/stocks that are showing relatively higher strength.
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