PSBs, Oil & Gas stocks boost benchmarks in 4th straight upday; SMIDs gain

Shares of public sector banks and oil & gas-related companies were in high demand as the benchmark Indian equity indices — BSE Sensex and NSE Nifty50 — continued their northward march for the fourth consecutive session during intraday trade on Friday, June 27. The sentiments remain favourable among the broader as well as the sectoral markets, with steady buying seen across the counters.

 

At last check, the BSE Sensex was trading higher by 168 points, or 0.20 per cent, at 83,924. The index has so far fluctuated in the range of 83,985.09–83,645.41 during the session.

 

Similarly, the NSE Nifty50 was trading at 25,614, up 65.50 points, or 0.26 per cent. The index was seen at an intraday high of 25,622.50 on Friday.

Nifty50 eyes 25,700–25,750

Technically, the Nifty50 index, Aakash Shah, technical research analyst at Choice Broking, believes, is well-positioned above its 10-day and 20-day EMAs, while the RSI crossing 65 indicates rising momentum. As long as Nifty holds above key support levels, Shah sees a buy-on-dips approach as favorable, within further upside towards 25,650 possible.

 

"Nifty gave a strong breakout above its recent consolidation, showing rising optimism among traders. Heavy put writing and call unwinding also confirmed bullish strength. With no major resistance till 25,700–25,750, the rally may extend 150–200 points. Support now lies around 25,300–25,350, keeping the trend firmly positive," said Shah.

 

Furthermore, Jio Financial Services, IndusInd Bank, Power Grid Corporation of India, Asian Paints, and Adani Enterprises were leading the gains among the Nifty50 constituent stocks, rising higher in the range of 4.70 per cent to 1.61 per cent. Conversely, Bajaj Finance, Dr Reddy's Laboratories, Grasim Industries, Eicher Motors, and Bajaj Finserv were among the top laggards of the benchmark constituents, trading lower in the range of 1.31 per cent to 0.95 per cent.

Broader markets trade higher

Among the broader markets, Nifty Midcap100 and Nifty Smallcap100 indices were trading higher by 0.70 per cent and 0.80 per cent, respectively. Himadri Speciality Chemical was the lead gainer in the space, rising higher by 13.48 per cent. Godfrey Phillips India, Adani Total Gas, Hindustan Petroleum Corporation (HPCL), and Bharti Hexacom were among other gainers in the space, trading higher by up to 6 per cent during intraday deals.

Nifty Oil & Gas, PSU Bank indices outperform

Nifty Oil & Gas, and PSU Bank indices were outperforming other sectoral indices as well as the benchmarks, ruling higher by 1.29 per cent, and 1.01 per cent, respectively. Adani Total Gas, Gujarat State Petronet, and Mahanagar Gas were among the gainers of Nifty Oil & Gas constituents, rising higher up to 5.6 per cent. Bank of Maharashtra, Union Bank of India, and Punjab & Sind Bank were leading among the Nifty PSU Bank index constituents, trading higher over 1 per cent each.

 

Barring the Nifty Realty index (down 0.94 per cent), all the other sectoral indices on the NSE traded higher during intraday trade on Friday.

Market breadth remains positive

Market breadth remained positive, with 1,766 out of 2,754 stocks trading higher, 914 trading lower, and 74 unchanged on the NSE during the intraday deals. As many as 70 stocks were quoting at 52-week highs on the NSE, while 18 touched 52-week lows. The number of stocks hitting the upper circuit rose to 76, while 28 were hitting their lower circuit limits.

 

The market cap of the total listed companies on the NSE stood at ₹5.31 trillion.

 

Meanwhile, the India VIX, which gauges volatility in the markets, was trading lower by 1.13 per cent at 12.45 points.