Taking Stock: Market extends gains for fourth day; Nifty at 8-month high

The market rally continued for fourth consecutive session on June 9 with Nifty hitting eight-month high at 25,160 intraday, amid buying across the sectors, barring real estate stocks.

At close, the Sensex was up 256.22 points or 0.31 percent at 82,445.21, and the Nifty was up 100.15 points or 0.4 percent at 25,103.20. The broader indices outperformed, with Nifty Midcap index adding 1 percent and Smallcap index rising 1.2 percent.

Investors' wealth jumped Rs 3.9 lakh crore lakh crore as the market capitalisation of BSE-listed companies increased to Rs 455.11 lakh crore from Rs 451.13 lakh crore in previous session.

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The record run of Nifty Bank index continued, with index hitting 57,049.50, ending 0.5 percent higher, while other sectoral indices, barring realty, ended in the green with IT, oil & gas, power, PSU Bank up 1 percent each.

Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Jio Financial, Trent were among major gainers on the Nifty, while losers were ICICI Bank, Titan Company, M&M, Adani Ports, Eternal.

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More than 170 stocks on the BSE touched their 52-week highs, including Godrej Industries, Manappuram Finance, MCX India, Hyundai Motor, Interglobe Aviation, Bank of India, Muthoot Finance, Laurus Labs, AU Small Finance Bank, Nuvama Wealth, HDFC AMC, Bajaj Finance, AstraZeneca Pharma, SBI Cards, City Union Bank, Nippon Life, LT Finance, Anupam Rasayan, Fortis Healthcare, SRF, among others. Click to View More

Outlook for June 10

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed range-bound activity. The Nifty ended 100 points higher, while the Sensex was up by 256 points. Among sectors, the Capital Market index was the top gainer, rallying over 2.35 percent, whereas intraday profit booking was seen in selective Defense and Reality stocks. Technically, after a gap-up open, the entire day saw range-bound activity. On daily charts, the index has formed a small candle, suggesting indecisiveness between the bulls and the bears.

We are of the view that 25,000/82000 would act as a sacrosanct support zone for trend-following traders. As long as the market is trading above this level, the uptrend is likely to continue. On the higher side, it could move up to 25,350-25,400/82800-83000. On the flip side, falling below 25,000/82000 would render the uptrend vulnerable.

Aditya Gaggar Director of Progressive Shares

Despite a strong start, the Index was unable to capitalise on the positive momentum and remained range-bound throughout the day, ultimately closing the session at 25,103.20 with gains of 100.15 points. Except for the Realty sector, all other sectors ended the day in positive territory, with PSU Banks and Energy emerging as the top performers, followed by IT and Metal. The Broader markets extended their streak of outperformance, with both Mid and Smallcap indices advancing by over 1% each.

While the Index has finally broken out of its long consolidation phase, the breakout candle is not very encouraging and signaling a potential reversal.

Tomorrow’s trading activity will be crucial in determining whether the current trend will continue or reverse. The key resistance and support levels are currently placed at 25,220 and 25,000, respectively.

Ajit Mishra – SVP, Research, Religare Broking

Markets began the week on a positive note, gaining nearly half a percent, extending Friday’s rally. Following an initial gap-up start, the Nifty traded within a narrow range throughout the session and eventually settled at the 25,103.20 level. Most sectors moved in line with the benchmark and closed higher, with energy, IT, and financials among the top gainers. The broader indices continued to outperform, posting gains in the range of 1.1% to 1.5%.

The up move in the index was largely in line with expectations; however, mixed performance from heavyweights—particularly in the private banking space—limited the momentum.

We maintain our bullish outlook and recommend a focus on selective stock picking during any intermediate consolidation or dip. At the same time, participants should exercise caution, especially in the small- and mid-cap segments, which are currently buoyed by strong domestic flows and sentiment. Emphasis should remain on themes and stocks where the risk-to-reward ratio continues to be favorable.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.