Mid-market commentary June 30
Indian stock markets saw a spurt in the first tick as an effect of passing of 7th pay commission by the government. Media and other allied sectors saw an up move. On the last day of June equity as well as F&O series, stock markets saw a gap up opening yet again, but have given gradual lower top lower bottom momentum on an intraday basis. Nifty still maintains above 8250 mark; while SENSEX almost hit 27000 mark and tumbled.
Today Midcap and Smallcap indices traded more or less in line with the benchmark indices with 0.7 per cent and 0.85 per cent gains. Market breadth remains positive with 1529 advances and 845 declines.
On the sectoral front, Media has outperformed with 1.9 per cent gains where PVR and Jagran Prakashan surged 7 and 5 per cent, respectively. Otherwise Realty and Banks follow with 1 per cent and more gains. IT and Pharma are the least gainers with flat to positive move.
Top Nifty gainers: BHEL is the top gainer with 3.4 per cent gains. Tata Motors, Grasim, Axis Bank and ZEEL follow with 2 per cent plus gains.
Top Nifty losers: None of the Nifty 50 stocks is reasonably down. Ambuja Cements is the top loser but with 0.55 per cent marginal losses. Infy and HDFC Bank follow with 0.2 per cent and more losses. Sun Pharma and Bosch are flat to negative.
Asian markets opened higher following the positive closure in the US markets, driven by gains in oil prices. However, Nikkei 225 retreated for profit booking and traded flat. Hang Seng too corrected in the second half but remained 1 per cent up. Shanghai remained flat to negative.
Nifty is correcting after the gap up opening. We hold 8240-8215 as the immediate supports. On the other hand 8285-8295 which are the monthly tops for the Nifty will act as the resistances for now. In case of a breakout we hold 8360 as our next upside target.
Stocks to watch:
Bank of Baroda: The Bank of Baroda has been informed by the Indian Banks’ Association that the General Secretary of All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) has given a single day strike notice for various issues and demands.
MCX: According to media reports the CME Group may acquire a stake in MCX. However, MCX has so far denied any such development.
Gayatri Projects: The construction and engineering company has bagged Rs 306 crore worth contract for the four laning of a highway on Andhra- TN border from Ministry of Road Transport & Highways.
Zensar Technologies: The company partners with Unicomer group, a Latin American leading retailer for financial and procurement process transformation.
PC Jewellers: The company has intimated BSE that it is opening its 63rd showroom on July 3 at Bhubaneshwar, spanning 6400 sq ft.