Reversing intraday gains, Indian markets settled lower today but ended the quarter with strong gains. The Sensex slipped 45 points to 34,915 while NSE Nifty 50 index settled down 0.1% at 10,302, after rising around 0.8% each during the session.
The Nifty closed the quarter about up 19.8% and the Sensex 18.5%, registering their best performances since the June quarter of 2009, after hitting a four-year low in March.
However, both Sensex and Nifty are still down around 15% for the year as markets grappled with the impact of the coronavirus pandemic on the country’s economy and more recently the border tensions with China.
Meanwhile, coronavirus infections continued to surge in India, with total cases rising to 566,840, including 16,893 deaths, as several states prepared to extend their lockdowns.
Oil refiners Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd today led the losses on the Nifty, falling 2.4% and 2%, respectively.
Miner Coal India slid 1.5% and top lender HDFC Bank ended 1% lower, while gains in Shree Cement and Maruti Suzuki India helped limit losses on the Nifty.
Here is what analysts said on today’s market action:
Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments
“The markets have been sideways since Friday of last week. We are still unable to trade in a single direction. The Nifty is still in a consolidation phase with low volume trading. We would need to break 10200 or cross 10450 for a directional trade to get activated.”
Vishal Wagh, Research Head, Bonanza Portfolio
“Nifty closed with a flattish note on the last trading session of the June month. It has opened positive inline with the global market but wasn’t able to hold the gains. Going forward, major support will be seen around 10195 and Resistance will be 10550.”
Ajit Mishra, VP – Research, Religare Broking Ltd.
“Markets settled almost unchanged amid volatility, in continuation to the prevailing consolidation phase. The benchmarks opened with an uptick, taking cues from the global markets but selling pressure erased all the gains in the latter half. Consequently, the Nifty index ended flat at 10,300 levels. On the sector front, a mixed trend was witnessed as on one hand sectors like auto, capital goods and banking ended in green whereas telecom, healthcare and oil & gas ended with losses.”
“Nifty has been hovering within 10,200-10,400 for the last four sessions and either side break may trigger the next directional move. Meanwhile, limit your trades and use dips to accumulate quality stocks.”
Sumeet Bagadia, Executive Director, Choice Broking
“Investors to keep close eye on the coronavirus situation in the country and development related to India-China border tension.Index has been sustain above 21&50 DMA which suggest strength for upside as RSI indicator also trading above the level of 50 with positive crossover which points out strength in the index. At present level index is having a support of 10100 while resistance comes at 10500 levels.”
(With Agency Inputs)
Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.