Indian Indices Declined Following Three Day Rally

Indian equity indices declined after hitting fresh highs on Monday. The Nifty opened at 23,319.15 up 30 points from Friday’s close and made an intraday high of 23,411.90 but closed at 22,259.20 down 30.95 points or 0.13%. the S&P BSE Sensex ended 203.28 points or 0.27%, lower at 76,490.08. Heavy-weight stocks like Infosys, HDFC Bank, Mahindra & Mahindra, Tata Consultancy Services and Bajaj Finance weighed on the Nifty 50. While UltraTech Cement, Axis Bank, Power Grid, Grasim Industries and NTPC helped to limit the losses on the index.

The broader market outperformed the benchmark index; The S&P BSE Mid-Cap index advanced by 0.56% and the S&P BSE Small-Cap index by 1.04%. On BSE, 2,630 stocks advanced, 1,362 stocks declined and 137 remained unchanged.

Among the Nifty Media index (up 1.86%), the Nifty Realty index (up 1.32%) and the Nifty PSU bank index (up 0.71%) outperformed the Nifty 50 index. Meanwhile, the Nifty IT index (down 1.83%), the Nifty Metal index (down 0.38%) and the Nifty Private Bank index (down 0.09%) underperformed the Nifty 50 index.

Nifty may see some consolidation going forward; Recent Resistance could be seen at 23,500 and support at 23,000.

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• Indian markets fell on June 10 after three consecutive sessions of gains, as investors awaited details on Prime Minister Narendra Modi’s new panel of ministers and their portfolios following yesterday’s swearing-in ceremony. At closing, the NSE Nifty 50 Index fell 0.13 percent or 30.95 points to 23,259.20, while the BSE Sensex declined 0.27 percent or 203.28 points to 76490.08. Investors are also awaiting the release of US inflation data and the Federal Reserve’s policy meeting on June 12.

• The initial public offering of Le Travenues Technology, which operates travel booking platform Ixigo Ltd. opened on Monday. The company plans to raise Rs 740.1 crore through its IPO. The IPO was fully subscribed on the first day.

• Kronox Lab Sciences shares made a healthy debut on the bourses on Monday, getting listed at Rs 165 per share on the BSE – a 21.3 per cent premium over its issue price of Rs 136 per share. On the National Stock Exchange (NSE), Kronox Lab listed at Rs 164.95. After the listing, the stock slipped to a low of Rs 156.8 apiece in the intraday trade. At 12:06 PM, the stock was quoting at Rs 160.5 per share, up 18 per cent from its issue price.

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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