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  Business   Market  27 Jun 2019  Broader market remains positive

Broader market remains positive

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Jun 27, 2019, 1:42 am IST
Updated : Jun 27, 2019, 1:42 am IST

The Sensex was up 157.14 points at 39,592.08, while Nifty was up 51 points at 11,847.50.

About 1,418 shares have advanced, 1,051 shares declined, and 170 shares are unchanged.
 About 1,418 shares have advanced, 1,051 shares declined, and 170 shares are unchanged.

The market ended higher on Wednesday for the second consecutive session both indices gaining on back of strong buying in frontine stocks.

The Sensex was up 157.14 points at 39,592.08, while Nifty was up 51 points at 11,847.50. About 1,418 shares have advanced, 1,051 shares declined, and 170 shares are unchanged.

Vedanta, JSW Steel, Power Grid Corp, Sun Pharma and Hindalco Industries were among major gainers on the Nifty, while losers were Britannia Industries, Indiabulls Housing, Infosys, IndusInd Bank and Bharti Airtel.

Among sectors, except IT and FMCG all other sectoral indices ended in the green led by pharma, metal, infra, bank and energy. The BSE Mid-Cap has outperformed the major indices with 0.8 per cent gain, while Small-Cap gained 0.5 per cent.

"Structural trend for the broader market remains extremely positive. For the near term sustain above 11,800 is expected to push the index towards 12,200. We expect private banking to outperform. Strong bounce back is expected in Auto and Metal stocks," Sahaj Agrawal, Head of Derivatives, Kotak Securities.

Technical View
According to analysts, the positive momentum continued for second straight day, as the equity benchmark indices ended on Wednesday's session with healthy gains, led by optimism over US-China trade deal.

Tracking weak global cues, the Nifty Index opened in the red, but soon managed to pull back smartly in the green and thereafter traded with positive bias throughout the session. The gains accelerated in the last hour of trade, as the Index closed 0.4 per cent higher at 11,848 levels.

The broader markets also registered healthy gains with BSE Mid-Cap & Small-Cap gaining 0.9 per cent & 0.5 per cent respectively. Barring FMCG & IT which ended marginally lower, all the other sectoral indices witnessed healthy buying with Metals, Power, Realty and Capital Goods being the top gainers, up 1.2-3.1 per cent. Globally, Asian markets closed on a mixed note, while European indices were trading in the green.

Oil prices hit their highest level in nearly a month on Wednesday, buoyed by an outage at a major refinery on the US East Coast and industry data that showed US crude stockpiles fell more than expected.

Market View
"The near-term movement in the market is likely to be driven by progress on monsoon and global developments. The G20 summit, which is likely to be held on June 28-29 will be closely monitored, as it is likely to focus on efforts to settle the international crisis. Further, while there is some optimism over US-China trade deal, the escalating tensions between US and Iran could induce high volatility in the crude oil prices," said Jayant Manglik, President — Retail Distribution, Religare Broking Ltd.

Tags: sensex updates