IGI Logo

Market Closing Commentary

Indian benchmark indices witnessed a strong rally on 12 June, driven by aggressive short covering and improving global sentiment. Optimism surrounding a potential US-Iran peace deal, a decline in crude oil prices below the $88 mark, a sharp recovery in the Indian Rupee, and supportive global cues collectively fuelled buying interest throughout the session.

At the close, the Sensex surged 1,695.40 points (2.30%) to 75,527.95, while the Nifty gained 461.30 points (1.99%) to settle at 23,622.90, reclaiming and closing comfortably above the 23,600 mark.

Sectoral, buying was broad-based with all major indices ending in positive territory. The rally was led by Nifty Realty, Financial Services, PSU Banks, Private Banks, and Consumer Durables, which advanced between 2% and 4%. The only relative laggard during the session was the Nifty IT Index, which underperformed the broader market despite ending in the green.

The broader market continued to outperform the benchmark indices, reflecting strong risk appetite among investors. The Nifty Midcap 100 gained 2.43%, while the Nifty Small cap 100 advanced 2.80%, indicating widespread participation across sectors.

Nifty

Nifty witnessed a strong rally of 2% on Friday’s session and closed at the high point of the week. Index in the process formed a strong bullish candle with a higher high and a higher low signaling continuation of the up move. The index in the process closed above the 20 days EMA.

Nifty on Friday’s session closed above the last two weeks range 23,550-23,000 highlighting strength and continuation of the up move.

Index sustaining above Friday’s low (23,313) will keep the bias positive and open upside towards 23,800 and 24,000 levels in the coming sessions being the confluence of the 50 days EMA and higher band of the last 2 months falling channel.

Bank Nifty

Index formed a strong bullish candlestick pattern with a higher high and a lower low signaling continuation of the positive momentum.

The index closed firmly above the 50 days EMA and also the neckline of the bullish double bottom formation suggesting that the broader trend remains constructive.

We expect the index to maintain positive bias and head towards 57,500 levels in the coming sessions being the high of April 2026.

Above views are of the author and not of the website kindly read disclaimer