Home Markets Today’s Market Happenings

Today’s Market Happenings

by Aamar Deo Singh (Head Advisory, Angel Broking Ltd)
Jun 14, 2021
Today’s Market Happenings, Market, KonexioNetwork.com

Indices end on a mixed note

The benchmark index Nifty opened flat to negative owing to Asian market cues, but the indices experienced a sharp decline right after the bell, dragging the Nifty index to near 15600 levels. However, the index recovered more than 200 points from the day's low later in the day, led by gains in heavyweight Reliance and IT and PSU banking stocks.The index recovered its losses and ended the day with marginal gains, whereas the Nifty Bank index, despite recovering more than 500 points, ended the day lower for the second day in a row.

Broader Market Movement

Looking at the broader markets, smallcap and midcap indices gave up two days of gains to close lower, underperforming the benchmarks Nifty and Sensex. On the sector front, selling in the Realty, Metals, and Private Bank indices weighed on sentiment, while the Nifty IT and Nifty PSU Bank indices managed to hold their gains and ended in the green. On the stock specific side, 25 of the 50 stocks in the Nifty 50 pack ended in the green, with Tata Motors, Reliance, Wipro were among the top gainers, gaining more than 1 percent and Adani Ports, Coal India and Kotak Bank were among the top losers. 

Stocks in News

DLF and BHEL shares fell more than 3% and 11%, respectively, as a result of their Q4 results, which were released late on Friday. Further, shares of all six listed Adani Group companies were under pressure following a report that the National Securities Depository Ltd (NSDL) had frozen the accounts of three foreign funds that own stakes in four of the group companies. Adani Ports and Adani Enterprises both fell more than 20% intraday.

Global Data Front

On the global front, the US benchmark indices ended Friday's session marginally higher, with the S&P 500 reaching a new record closing high and the tech-heavy Nasdaq reaching its best closing level in over a month.The indices had a mixed week, with the Nasdaq rising by 1.8 percent and the S&P 500 rising by 0.4 percent, but the Dow falling by 0.8 percent. Whereas the futures of the three major indices were trading on a flat note,the Dow Jones Futures were down 0.11 percent, the Nasdaq Futures were up 0.30 percent, and the S&P 500 Futures were up 0.02 percent. While on the European front, the indices FTSE, CAC 40 and DAX are trading at all-time highs. 

Summing Up, as buying emerged in index heavyweights, the indices witnessed a swift recoveryafter the initial drop and closed marginally in the green. The 30-share BSE Sensex index gained 76 points to close at 52551, a record high closing.Similarly, the Nifty 50 index recovered more than 200 points from the day's low and closed above 15,800 for the first time, at 15811. Going forward, the levels to watch on the Nifty are 15850 - 15900 on the upside and 15600 - 15550 on the downside.