The Indian market ended higher for the third straight session on June 27 amid positive global cues. Sensex rose 433 points to 53,161 and Nifty gained 132 points to 15,832 . The market cap of BSE-listed firms rose to Rs 244.64 lakh crore in today’s session against Rs 242.21 lakh crore in the previous session.
L&T, HCL Tech, Infosys and Tech Mahindra were the top Sensex gainers, rising up to 2.99 per cent.┬а Kotak Bank, RIL and Titan were the only Sensex losers, falling up to 0.45 per cent.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Bulls kept the momentum going for the third straight session, as buoyancy across the global markets boosted sentiment. The rally was led by IT stocks, which had come under relentless selling in the recent sell-offs. While the change in mood has come as a major relief, the optimism may remain for a few more sessions before the market turns volatile amid concerns slowing global economy due to rate hikes and continuing foreign fund outflows. Currently, the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15,900 and 15,925 would act as immediate resistance levels. Below the same, the correction wave is likely to continue till 15750-15700. On the flip side, above 15925 breakout, the index could move up to 16000. Contra traders can take a long bet near 15700 with a strict support stop loss of 15660.”
Capital goods and IT stocks were the top sectoral gainers with their BSE indices ending 574 pts and 567 points higher, respectively.
All 19 BSE sectoral indices ended in the green.
Vinod Nair, Head of Research at Geojit Financial Services said, “Declining commodity prices have been lifting the exhausted domestic equity market during the recent sessions. Despite this positivity, the underlying fear of recession, tightening monetary policy and inflation can trigger the volatility going forward. A strong revival in the market can only be expected when the economy stabilises from these uncertainties and when FIIs turn net buyers.”
Market breadth was positive with 2,383 stocks ending higher against 1046 stocks falling on BSE. 146 shares were unchanged.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,353.77 crore on Friday, as per exchange data. In the previous session, the market ended higher amid mixed global cues. Sensex rose 462 points to 52,727 and Nifty gained 142 points to 15,699.
