Bank Nifty at record high; benchmarks extend gains for 3rd day; SMIDs flat

the Bank Nifty index advanced 0.80 per cent from its previous close to scale a fresh peak of 57,076 during intraday deals on Thursday

Banking stocks were in demand as the Bank Nifty index, which tracks the 12 most liquid banks in the country, hit an all-time high, while the benchmark  equity indices — BSE Sensex and NSE Nifty50 — continued their northward movement for the third consecutive session during intraday trade on Thursday, June 26. The broader markets traded flat, while other sectoral indices showed mixed trends during intraday trade.

 

At last check, the BSE Sensex was trading higher by 526 points, or 0.64 per cent, at 83,281. The index fluctuated in the range of 83,380.98–82,816.26 during the session.

 

Similarly, the NSE Nifty50 was trading at 25,393, up 148 points, or 0.59 per cent. The index was seen at an intraday high of 25,437 on Thursday.

 

From a technical perspective, Anand James, chief market strategist at Geojit Financial Services, expects the Nifty50 to post a brief consolidation near 25,330. Post consolidation, he anticipates a surge toward the 25,460–25,550 zone.

 

However, he believes the lack of strong momentum warrants caution. “If dips unfold first, expect them to be contained within the 25,173–25,127 region. The downside marker may be placed in the 25,014–24,940 vicinity,” said James.

 

Further, Jio Financial Services, Bajaj Finance, Adani Ports, Eicher Motors, and Shriram Finance were leading the gains among Nifty50 constituent stocks, rising in the range of 2.36–1.41 per cent. Conversely, Dr. Reddy's Laboratories, Hero MotoCorp, State Bank of India (SBI), Sun Pharma, and Trent were among the top losers, trading lower in the range of 1.75–0.61 per cent.  Track Stock Market LIVE Updates

Broader markets trade flat

Among the broader markets, Nifty Midcap100 and Nifty Smallcap100 indices were trading flat. Brainbees Solutions (FirstCry) was the lead gainer in the space, rising higher by 10.13 per cent. Tube Investments of India, Steel Authority of India (SAIL), Aditya Birla Lifestyle, Newgen Software, Nuvama Wealth Management, and Aegis Logistics were among other gainers in the space, trading higher by up to 5 per cent during intraday deals.

 

Sectoral markets trade mixed

The sectoral markets were trading mixed on Thursday. Among the sectoral indices on the NSE, Nifty Oil & Gas, Bank Nifty, Metal, Financial Services, and Private Bank indices were ruling higher in the range of 0.25–0.88 per cent.

 

Notably, the Bank Nifty index advanced 0.80 per cent from its previous close to scale a fresh peak of 57,076.95 during intraday deals. HDFC Bank, Axis Bank, and AU Small Finance were the top contributors to gains in the index, rising higher by over 1 per cent each.

 

Nifty Realty, on the other hand, was underperforming and trading lower by 1.85 per cent, dragged by Prestige Estates Projects, Macrotech Developers, and DLF, which fell over 2 per cent each.

Market breadth remains positive

The market breadth remained positive as 1,243 out of 2,742 traded stocks on the NSE were ruling higher, while 1,412 were in red, and 87 remained unchanged. The number of stocks hitting their 52-week high stood at 52, while it was 18 for the stocks slipping to their 52-week low levels. As many as 61 stocks hit their upper circuit limits, while 38 touched their lower circuits on the NSE during intraday trade on Thursday.

 

Meanwhile, India VIX, which gauges the volatility in the markets, was ruling higher by 0.61 per cent at 13.04 points.