The Indian stock market demonstrated resilience by recovering from early losses to close higher for the fifth consecutive session, with Sensex rising 254 points to close at 77,410 and Nifty 50 gaining 82 points to end at 24,168. According to ETMarkets, the recovery came despite hawkish Federal Reserve comments that briefly dampened sentiment. Broader markets also extended gains, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining up to 0.5%. The sustained rally follows a strong performance over the previous five sessions, during which the Nifty and Sensex had gained 4.3% and 4.8% respectively, supported by easing crude oil prices and improving global risk appetite.
Banking stocks led the market recovery, outperforming other sectors as investors responded positively to expectations of strong credit growth and attractive valuations. As reported by ETMarkets, 1,897 stocks witnessed advances, 1,382 saw declines while 105 stocks remained unchanged out of the 3,384 stocks that traded on NSE on June 18. The recovery came after selling pressure was broad-based in the previous session, with all 16 major sectoral indices trading in the red and the Nifty IT index emerging as the biggest laggard, tumbling 5.1% as all constituents declined. Heavyweights including TCS, Infosys, HCLTech and Wipro had dropped between 3.3% and 6%. According to Axis Securities, Bata India, KPR Mill, Welspun India, Redington, New India Assurance, Five-Star Business Finance and Olectra Greentech were among the stocks that witnessed strong buying interest from market participants.
According to Rajesh Palviya, SVP - Technical and Derivatives Research at Axis Securities, the Nifty 50 index continues to show resilience by remaining above the psychologically significant 24,000 mark and maintaining a positive technical outlook. As reported by LiveMint, the index is currently in a consolidation phase following a recent upward movement, with immediate support at 24,000 and stronger support around 23,900. The current price structure reflects a pattern of higher highs and higher lows, reaffirming the ongoing bullish trend. However, analysts remain cautious about near-term consolidation following the recent rally, with energy-driven inflationary pressures potentially prompting central banks to consider rate hikes in the latter half of the year. The sustained decline in crude oil prices and moderation in Indian bond yields could offset inflationary concerns in the second half of FY27.
K.P.R. Mill is recommended at ₹1,188 with an expected upside of ₹1,250-1,350 and downside support at ₹1,150-1,120. According to Axis Securities, the stock has executed a definitive technical breakout above its one-year multiple resistance zone at 1,120 on elevated trading volumes. Olectra Greentech is suggested at ₹1,451 with an expected upside of ₹1,550-1,650 and downside support at ₹1,400-1,340. The stock has confirmed a "Cup & Handle" pattern breakout at the 1,390 level with huge volumes. Nykaa is recommended at ₹298 with an expected upside of ₹320-335 and downside support at ₹285-290, having surpassed the 5-6 months' multiple resistance zone of 285 levels on a closing basis with huge volumes.
Several stocks witnessed significant trading activity and price movements during Thursday's session. As reported by ETMarkets, HDFC Bank (₹3,308 crore), IFCI (₹2,702 crore), Reliance Industries (₹2,057 crore), Infosys (₹1,897 crore), BSE (₹1,868 crore), Netweb Tech (₹1,845 crore), and ICICI Bank (₹1,806 crore) were among the most active stocks in value terms. In volume terms, Vodafone Idea (34.35 crore shares), IFCI (31.24 crore shares), Yes Bank (23.26 crore shares), New India Assurance (8.61 crore shares), Suzlon Energy (8.23 crore shares), Ola Electric (7.34 crore shares), and IDBI Bank (6.11 crore shares) led the activity. Stocks that hit 52-week highs included Welspun India, ABSL AMC, Nykaa, Vardhman Textiles, Carborundum, R R Kabel and Syrma SGS Technology, while Bharti Hexacom hit its 52-week low. Stocks that witnessed significant selling pressure were IFCI, IDBI Bank, Inox India, Elecon Engineering, Chennai Petroleum Corporation, Jindal Stainless and Suven Pharma.
