Evening Walk Down D-St: July series starts on a muted note; Nifty slips past 11,800
Episode 1371, Jun 28, 2019, 11:42 AM
For the month, the S&P BSE Sensex closed 0.8 percent lower while the Nifty50 ended with losses of over 1 percent for the month of June, its biggest fall since October 2018.
The Indian stock market started the July series on a muted note. The S&P BSE Sensex fell nearly 200 points, while the Nifty50 failed to hold on to 11,800 levels on a closing basis on June 28.
The final tally on D-Street – the S&P BSE Sensex plunged 191 points to 39,394 while the Nifty50 closed 52 points lower at 11,788 on June 28.
For the month, the S&P BSE Sensex closed 0.8 percent lower while the Nifty50 ended with losses of over 1 percent for the month of June; its biggest fall since October 2018.
Bulls took control of D-Street on the first day of the July series amid weak global cues and reports of a sub-par monsoon. Investors are also waiting on a definitive outcome from the G20 Summit in regard to the ongoing trade war between the US and China.
“Markets drifted lower and lost nearly half a percent, citing weak cues. The benchmark made a cautious start, in response to feeble global cues and the news of below average rainfall for the four consecutive weeks,” Jayant Manglik, President - Retail Distribution, Religare Broking Ltd told Moneycontrol.
“Markets will react to the outcome of the G20 meet in early trade on July 1 and then focus would shift to the upcoming Union Budget on July 5. In short, participants should prepare themselves for an eventful week,” he said.
Manglik advised investors to hedge their positions instead of naked trades. Investors, on the other hand, can utilise further dips to accumulate quality stocks.