Nifty, Sensex close near flatline; Bank Nifty hits fresh high of 51,900

Sensex and Nifty ended near flatline on June 19 after a choppy and volatile trading session.  Banking and IT stocks led the gains in Nifty 50 while construction and energy stocks declined.

At close, the Sensex was up 36 points or 0.05 percent at 77,337 and the Nifty 50 was down 36 points or 0.2 percent at 23,521. About 1,461 shares advanced, 1,934 shares declined, and 65 shares remained unchanged.

Today, Nifty 50 hit a fresh high of 23664 and Sensex hit a record high of 77851.

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Banking stocks were in focus today with Nifty Bank and Nifty Private Bank gaining 2 percent each.

HDFC Bank, ICICI Bank, and Axis Bank led the gains in the Nifty Bank index, which hit a fresh high of 51,957. The said banks were also the top gainers in Nifty 50, rising over 3 percent each.

Till yesterday, call writers were active at 50,200. However, as the Nifty Bank’s index managed to surpass the 52,000 level, it triggered a wave of short covering and fresh long additions which led to a sharp spike in Nifty Bank, said an analyst.

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Meanwhile, Bharti Airtel, Maruti Suzuki, and Titan were the worst-hit stocks in Nifty 50 as they fell 2-4 percent.

The volatility index India VIX rose nearly 6 percent to 13.7.

In the broader market, BSE Midcap and Smallcap indices fell 1 percent and 0.6 percent, respectively.

Investors now look forward to the Union Budget that is likely to be presented by Finance Minister Nirmala Sitharaman in July.

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