Even while losses in private banking stocks caused the benchmark indices to close down on the final trading day of the week, heavyweights contributed to the indexes setting new highs in intraday trading.
Sensex Nifty Gain Over 2 percent Oil and Gas
Indian equities for the week ended June 28 ended significantly higher after hitting new highs every day despite falling on the last trading day. Due to heavyweight purchases, the headline indices closed more than 2% higher. The thinner BSE Sensex finished the week lower by 0.27 percent, or 210.45 points, at 79,032.73, while the Nifty 50 index finished the week at 24,010.6 points, up 34 points or 0.14 percent.
After posting significant gains of more than 3% in the previous week, the Nifty Bank index closed the week up by more than 1%, closing at 52,342.25.
According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, following a weeklong surge, the index had its first significant pullback.
Follow-through selling is necessary for the selling pressure to continue, or else the index can become trapped in a range of consolidation. According to Shah, the immediate resistance is in the 52700–53000 range, while the immediate support is at 52000, where the put side has amassed the greatest open interest.
Senior VP, Sensex Nifty Gain Over 2 percent Oil and Gas
Mehta Equities’ Senior VP (Research), Prashanth Tapse, observed that profit-taking in banking equities drove the decline in important benchmark indices, which had experienced early optimism and reached new intraday highs.
He went on, “Sensex & Nifty both managed to close above their psychological levels of 79k and 24k respectively, even though markets showed volatility and ended weak in late selling.”
This week’s significant rally was sparked by renewed FII buying in the current month and the inclusion of Indian government bonds in the JP Morgan EM bond index. However, Tapse predicted that markets could become volatile again due to higher valuations and the possibility of investors booking profits on a regular basis in the absence of an interest rate change.
sector winners and losers
With advances of more than 3%, the IT FMCG indexes trailed the sector leaders, Oil and Energy Pack. Meanwhile, throughout the week, the laggards proved to be indexes for metal and real estate.
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