Stock Market LIVE: Strong Sell-off in Metal Stocks even after Flat Opening

There is selling pressure in the domestic stock market. BSE Sensex, NSE Nifty, Nifty Mid Cap and Small Cap, all four indices are down.
Image Credit: Inventiva
Image Credit: Inventiva

There is selling pressure in the domestic stock market. BSE Sensex, NSE Nifty, Nifty Mid Cap and Small Cap, all four indices are down. Sensex is near 52,600 while Nifty has come close to 15,800. Metal stocks are selling heavily. Nifty Metal is down around 2.50%.

Selling in RIL, HDFC, JSW Steel HDFC Bank and Hindalco is putting pressure on NSE Nifty. ITC, TCS, Axis Bank, HUL and SBI are trying to support the market. Selling in Power Grid, Titan, Reliance Industries, Bajaj Finance and HCL Tech is putting pressure on the Sensex. Buying is going on in ONGC, ITC, HUL, TCS and Axis Bank shares.

VIX has fallen below 15%

According to Kaushalendra Singh Sengar, Founder and CEO, Invest19, the volatility index, India VIX, has fallen below 15%, which indicates that the market is in a narrow range. A buying strategy can be beneficial in case of a slight decline in the market. FMCG shares may increase activity today and in the next few trading sessions.

Sengar says the stock of Jubilant Foodworks could be the centre of attraction today. Earnings from the Direct Business Operations of the company have increased by 14%. The stock will be seen moving towards the resistance level of Rs 3,300 today.

On the third trading day of the week, the domestic stock markets started flat amid mixed signals in the markets around the world. The BSE Sensex opened with a strength of 9 points while the NSE Nifty lost 22 points. The market is getting support from buying Nifty FMCG shares.

IPO open for investment

Today IPOs of Dodla Dairy and Krishna Institute of Medical Sciences (KIMS) are open for investment. Ahead of the IPO, Dodla Dairy has issued 36.46 lakh equity shares to 18 anchor investors. The company has sold these shares on the upper band at the rate of Rs 428 per share for Rs 156.05 crore. KIMS Hospital had yesterday raised Rs 955.68 crore from 43 anchor investors.

On Tuesday, important indices of the domestic stock market touched new highs. During trading, the NSE Nifty went up to 15,901 points and the BSE Sensex up to 52,869 points. The Sensex closed at 52,773 points with a gain of 0.42% or 221 points. Nifty climbed 57 points or 0.36% to 15,869 points.

Weakness in Asian markets

Japan's Nikkei index is down 0.45%, while China's Shanghai Composite is down 0.77%. Hong Kong's Heng Seng has a weakness of 0.77%. Korea's Kospi is up 0.55%. Australia has a strength of 0.13% in All Ordinaries.

US market fall

The US market declined on Tuesday. The Dow Jones closed down 94 points at 34,420, down 0.27%. The Nasdaq closed 101 points down at 14,171, down 0.71%. The S&P 500 index closed down 9 points at 4246. Here, the markets of France, Britain and Germany closed strongly.

FII and DII data

According to provisional data available on the NSE, on June 15, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 633 crore. That is, he bought shares worth more than the number of shares he sold. Domestic institutional investors (DIIs) had sold shares worth a net Rs 649 crore.

Market Status

11.30 AM There is weakness in 21 stocks of 30-share Sensex.

11.00 AM Selling has increased in the stock market. Except for Nifty FMCG, all other sector indices are weak.

10.15 AM These shares are giving direction to Sensex.

9.50 AM Nifty FMCG and public sector banks are strong in the index.

9.35 AM Half of the Sensex stocks are strong.

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