Nifty ends June series in red for the first time in 3 months

Benchmark indices closed lower on June 27 ending the June series in the red. Sensex and Nifty50 closed 0.62 percent and 0.87 percent lower, respectively, in June series.

This is the first time in last three months when indices closed the series in the red.

Final tally on D-Street – Sensex fell 5 points to 39,586 while the Nifty50 closed 6 points lower at 11,841.

Nifty consolidated in a narrow range with 50-day exponential moving average (EMA) acting as a support for the index while on the higher side, 20-day moving average placed around 11850 posed a tough resistance.

The next big event to track in July series would be the Budget 2019, which is scheduled to be released on Friday, July 5. The likely range based on the options data is 11,500-12,000.

“We opened June month on a positive note with Nifty hitting 12,100 but witnessed continuous profit booking at higher levels throughout the month. 11,700, which is 50-day moving average, provided good support and we have seen buying interest at those level,” Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services told Moneycontrol.

“12,000 has been a good supply level. Nifty has to break this level decisively to see fresh buying. Next month, the focus will be on policies by NDA 2.0. Monthly option data suggest that Nifty will be in a range of 11,500-12,000 for the month of July,” he said.

In terms of sectors, the S&P BSE Realty index rose 1.7 percent, followed by the S&P BSE Auto index that gained 1.1 percent, and the S&P BSE Telecom index that was up 0.78 percent.

Top Sensex gainers include names like Tata Motors, M&M, ONGC, Axis Bank, and HDFC while top losers include names like HCL Technologies, ITC, Infosys, Power Grid and YES Bank.

Stock in news:

Cox & Kings declined 10 percent, hitting a 52-week low after Brickwork Ratings downgraded the rating of the company’s NCDs of Rs 50 crore.

The share price of Welspun India added more than 2 percent after the company signed a joint venture agreement with Sense Organics Import & Trading GmbH, Germany.

Axis Bank gained on a report of likely share sale by the company.

Share price of Zuari Global rose 1 percent as company board approved raising Rs 200 crore.

Sugar stocks gained strength as monsoon spread to most of the country. Rajshree Sugars was the biggest gainer among them with 20 percent upside, followed by Balrampur Chini, Bajaj Hindusthan, Uttam Sugar, Ugar Sugar and Dalmia Sugar, which gained 3-4 percent.

Global update:

European markets are trading lower ahead of a possible US-China trade deal.

Asian markets ended higher ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping at the G-20 summit.

India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.