A photograph taken outside the NSE Building in Mumbai. (Source: BloombergQuint)

Sensex, Nifty Clock Worst Week In Over A Month

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Closing Bell: Sensex, Nifty Clock Worst Week In Over A Month

Indian equity benchmarks extended decline for the second consecutive week, clocking their worst week since May 13.

The S&P BSE Sensex closed 0.5 percent lower this week to end at 39,420.47 and the NSE Nifty 50 ended at 11,810, down 0.5 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.81 percent higher during the period.

Today, the benchmark indices ended the session with losses. The 31-share index closed 289 points or 0.73 percent lower and the 50-stock index ended 0.79 percent lower. The 500-share gauge fell 0.9 percent.

“The Nifty had a support at 11,720. But the important support for the momentum to continue for short-to-medium term is 11,600," Brijesh Singh, senior technical analyst at StockAxis told BloombergQuint in an interaction. “On the higher side, 11,950-11,990 is acting as a resistance.”

The market breadth was tilted in favour of sellers. About 1,245 stocks fell and 514 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Realty Index’s 2.5 percent decline.

Stocks Moving On Heavy Volumes

Gruh Finance

  • Stock fell as much as 7.1 percent to Rs 285.30.
  • Trading volume was almost 15 times its 20-day average.

PI Industries

  • Stock rose as much as 3.2 percent to Rs 1,179.65.
  • Trading volume was almost five times its 20-day average.

Gujarat State Petronet

  • Stock fell as much as 4.3 percent to Rs 177.70.
  • Trading volume was more than triple its 20-day average.

Tata Communications

  • Stock rose as much as 3.1 percent to Rs 505.70.
  • Trading volume was more than triple its 20-day average.

Hexaware Technologies

  • Stock rose as much as 3.6 percent to Rs 359.15.
  • Trading volume was triple its 20-day average.

Buy On Dips, Sell On Rallies, Says Yes Securities

The trading screen does not look exciting the way it was couple of weeks ago, Yes Securities’ Pritesh Mehta said.

The markets should not be concerned by the declines for the benchmarks peak because they are going back to moving averages levels and trying to find respite around 11,800 levels, Mehta told BloombergQuint in an interaction, adding that the investors should buy on dips and sell on rallies.

Fab Four Stocks Of The Day

Smartlink Holdings

  • Stock rose as much as 13 percent to 16 percent to Rs 112.70, the highest in over a year.
  • The company’s board approved buyback of 42 lakh shares worth Rs 54.6 crore.

Wockhardt

  • Stock rose as much as 3.7 percent to Rs 397.35.
  • The company received zero Form 483 observation from the U.S. FDA after it had carried inspection of Bioequivalence Centre in Aurangabad, during which Tamsulosin and Metoprolol drugs were audited.

Kalpataru Power

  • Stock rose as much as 2.7 percent to Rs 503.
  • PhilipCapital initiates coverage with the most bullish price target yet.

RITES

  • Stock rose as much as 5.3 percent to Rs 8 percent to Rs 297.90.
  • The company proposes bonus shares issues and the same will be decided during the board meeting on June 24.

Market Check: Sensex, Nifty Struggle To Hold Weekly Gains

Indian equity benchmarks are currently struggling to hold weekly gains.

The S&P SBE Sensex is down 0.04 percent so far this week and the NSE Nifty 50 is trading 0.02 percent lower.

As of 3 p.m., the 31-stock index is trading 130 points lower at 39,606 and the NSE Nifty 50 is trading at 11,872, down .035 percent. Both the benchmark indices have recovered from the day’s low.

Shares of RITES remained in focus as the stock rose 8 percent intraday after the company proposes issuing bonus shares.

RITES Near Six-Month High On Bonus Shares Issue Proposal

Shares of the state-owned firm rose as much as 7.5 percent to Rs 296.50, the highest since Dec. 21.

The company said that the board will meet on June 24 to consider bonus shares issue proposal, according to its stock exchange filing.

Trading volume was more than quadruple its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought

Bloomberg Quint

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