📷 Image Credits: Moneycontrol
In the latest market update on June 19, the Sensex and Nifty witnessed a volatile trading session, ending near the flatline. The Sensex closed up 36 points or 0.05 percent at 77,337, while the Nifty 50 was down 36 points or 0.2 percent at 23,521. The broader market saw selling pressure, with BSE Midcap and Smallcap indices falling by 1 percent and 0.6 percent, respectively.
The major highlights of the day were the banking and IT stocks leading the gains in the Nifty 50, while construction and energy stocks experienced a decline. Notable movers in the banking sector were HDFC Bank, ICICI Bank, and Axis Bank, which saw significant gains. The Nifty Bank and Nifty Private Bank also surged by 2 percent each, with the Nifty Bank index hitting a fresh high of 51,957.
Moreover, call writers were previously active at 50,200, but as the Nifty Bank’s index surpassed the 52,000 level, a wave of short covering and fresh long additions ensued, resulting in a sharp spike in the Nifty Bank, as reported by an analyst. Investors also saw volatility as Bharti Airtel, Maruti Suzuki, and Titan were among the worst-hit stocks in the Nifty 50, falling by 2-4 percent.
Furthermore, the India VIX, a measure of market volatility, rose nearly 6 percent to 13.7. Additionally, the broader market indices, BSE Midcap, and Smallcap, fell by 1 percent and 0.6 percent, respectively. Market participants are now awaiting the upcoming Union Budget, likely to be presented by Finance Minister Nirmala Sitharaman in July, for further cues on market direction and policy decisions.
