Except for
Notably, Sun Pharma had received a warning letter from the
As per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd, “domestic benchmark index, Nifty opened on a strong tone, consolidated within a narrow range, and ended the day on a positive note. However, the index has managed to close above 23,500 levels, indicating strength. As long as the index holds 23,330 levels, it may test 23,800–24,000 levels in the short term. Thus, a buy-on-dips strategy should be used in the Nifty, with support at 23,330”.
On the BSE, MapMyIndia, RCF, NFL and Chambal Fertilisers emerged as the day’s gainers. Notably, Goldman Sachs initiated coverage of the company, adding 20% to the stock during the day. Shares of fertiliser companies like RCF and Chambal fertilisers also spiked during the day, pumped by reports of proposal to remove Goods and Service Tax (GST) on fertilisers. The final decision will be taken by the GST council on 22nd June.
According to Shrikant Chouhan, Head Equity Research, Kotak Securities, “the benchmark indices continued range bound activity; the Nifty ended 51 points higher while the Sensex was up by 141 points. Among Sectors, Reality index outperformed and rallied over 2% whereas Pharma and Auto indices witnessed intraday profit booking at higher levels".
"Technically, after a muted opening the entire day, the market hovered between 23,450 to 23620 (NSE) and 77,100-77,600 levels on BSE. From the last couple of days the market witnessed narrow range activity which indicates indecisiveness between the bulls and the bears", he noted.