- Sensex stabilizes, up by 33.15 points; Nifty marginally increases by 5.50 points.
- Adani Ports replaces Wipro on Sensex, stock declines by 1.63%.
- Analysts predict volatility with key support and resistance levels for Nifty and Bank Nifty.
The Indian stock market experienced a roller-coaster ride today with the Sensex stabilizing and the Nifty showing a slight uptick. After a turbulent start, the Sensex gained 33.15 points to reach 77,243.05, while the Nifty increased by 5.50 points, trading at 23,506.60.
In a significant development, Adani Ports replaced Wipro on the BSE Sensex. Despite this inclusion, Adani Ports’ stock fell by 1.63%, trading at ₹1,461.45 as of mid-morning. Market analysts suggest caution due to potential volatility, with key support and resistance levels for Nifty at 23,400 and 23,800 respectively.
Market Volatility Persists Amid Mixed Cues; Adani Ports Joins Sensex
The stock market witnessed a mix of stabilization and volatility today. The Sensex, after a sharp drop in early trading, managed to gain 33.15 points, closing at 77,243.05. Meanwhile, the Nifty inched up by 5.50 points to trade at 23,506.60. Analysts attributed these movements to mixed global cues and the ongoing F&O settlement week, suggesting a cautious approach for investors.
Sector-wise, auto and FMCG stocks showed notable strength, providing much-needed support to the indices. In a noteworthy reshuffle, Adani Ports replaced Wipro on the BSE Sensex. Despite this upgrade, Adani Ports’ stock saw a decline of 1.63%, trading at ₹1,461.45 as of 10:26 a.m. This change is part of the regular index rejig, aiming to better represent the market’s current landscape.
Technical analysts emphasize the importance of key support and resistance levels for the Nifty and Bank Nifty. The Nifty is currently navigating between 23,400 and 23,800, with potential drops to 23,000 if support is breached. Bank Nifty, close to its all-time high, may face corrections if it dips below 51,000, but a break above 52,000 could push it to new highs.
Despite the cautious sentiment, foreign portfolio investors (FPIs) have turned positive in June after net selling last week. This shift indicates potential recovery and buying opportunities on market dips. The overall bullish trend remains intact, with trailing stop-losses advised to manage the expected volatility.
Today’s market displayed a mix of stability and caution, with analysts recommending a careful approach amidst ongoing volatility. The inclusion of Adani Ports in the Sensex marks a significant shift, reflecting the evolving market dynamics.
“The only certainty in the market is uncertainty.”
– Anonymous
