News By/Courtesy: Daksh Dave | 26 Jun 2020 13:44pm IST

HIGHLIGHTS

  • Stocks
  • Sensex
  • BSE

India’s shares closed slightly lower today in a volatile session, as the IMF’s downturn in growth outlook and the increase in COVID-19 cases weighed on sentiment. The NSE Nifty 50 index was down 0.16% to 10.288.90 and the S&P BSE Sensex benchmark was down 26 points to 34.842.10. The Nifty fast-moving consumer goods index increased by 2.12 percent, while the pharma index increased by 0.8 percent. ITC Ltd ended up at 5.6 percent and was the top winner in the Nifty 50 index. Some sales pressure was seen in IT stocks with HCL, TCS, and Infosys falling between 1.5 percent and 2 percent. The Nifty 50 index rose by about 37 percent after a four-year low in March. As the economy gradually reopened and foreign investors poured money due to massive global liquidity, as coronavirus cases continue to rise worldwide. 

"The markets have been cautiously trading at the end of the month with no singular sense of direction today. We have not broken the laws of the morning and neither have we managed to cross 10350 upsides down on a closing basis. This would be a new range for the markets to be respected-the movement on either side will determine the next course of action. Says Ajit Mishra, VP Research,  Religare Broking Ltd. "First of all, weak global cues led to a gap opening up as fears of a second wave of coronavirus cases impacted investor sentiments around the world. We reiterate our consolidation view of the Nifty index and suggest focusing more on stock selection as we see decent traction across the board. On the sectoral front, FMCG looks best for us, followed by pharma and select private banking majors” he adds.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND  OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND  OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.

Section Editor: Pushpit Singh | 27 Jun 2020 9:27am IST


Tags : Stock Market

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