Market end lower for 3rd straight session; smallcaps outperform

Benchmark indices erased all the intraday gains and ended lower for the third straight session on June 30. The Sensex was down 66.95 points or 0.13% at 52482.71, and the Nifty was down 27 points or 0.17% at 15721.50.

“We were unable to get past the range today, 15900 continues to be a major roadblock for the Nifty. If we can cross that, we will head to 16100. Until then, we will vacillate between 15400 and 15900 on the back of lacklustre volumes,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“15400 is a good support for the markets and until we do not disrespect that on a closing basis, the macro trend continues to remain bullish,” he added.

Among sectors, barring IT, all other indices ended in the red with Nifty Bank index falling 0.7 percent. BSE Midcap ended flat, while Smallcap index gained 0.5 percent.

Shree Cements, Bajaj Finserv, Power Grid Corp, ICICI Bank and UPL were among the top losers on the Nifty. Top gainers were Coal India, Divis Labs, Reliance Industries, Infosys and SBI Life Insurance.

Stocks & sectors

On the BSE, IT and capital good indices rose 0.3-0.9 percent, while selling ween in the bank, oil & gas, FMCG, power and realty stocks.

Among individual stocks, a volume spike of more than 300 percent was seen in PFC, Siemens and Navin Fluorine International.

Long buildup was seen in Navin Fluorine International, Aditya Birla Fashion & Retail and SRF, while short buildup was seen in IRCTC, Larsen & Toubro Infotech and Cipla.

More than 450 stocks, including Zee Media Corporation, Sasken Technologies, SRF and Marico, hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a bearish candle on the daily scale and is forming lower lows from the last two sessions.

“The index has to hold above 15,700 zones to witness an up move towards 15,850 and 15,900 zones while on the downside support can be seen at 15,600 and 15,500 zones,” said Chandan Taparia of Motilal Oswal Financial Services.