Barometer indices were on consolidation mode as the BSE Sensex erased early gains to close 153 points lower at 31,138.21, whereas the Nifty dipped below its crucial level of 9,600 on the back of profit-taking, especially in the banking and auto stock as the GST rollout nears.  Barometer indices were on consolidation mode as the BSE Sensex erased early gains to close 153 points lower at 31,138.21, whereas the Nifty dipped below its crucial level of 9,600 on the back of profit-taking, especially in the banking and auto stock as the GST rollout nears.

During the week, the market tried to continue its upswing supported by GST Council’s decision to relax the GST tax return filing timeline by two months.  Also, SEBI relaxed norm for the takeover of stressed business and RBI’s lesser hawkish stance have another positive impetus to the market.
On a weekly basis, the 50-share Nifty was down 0.8% and the 30-share Sensex was down 0.1%. On the sectoral front, Nifty FMCG was the only index to be in the positive gaining 0.14% until the week ended on June 23.  Meanwhile, Nifty Metal was down by 3%, Nifty Realty was down by 2.5%, Nifty Auto  down 2.3%, Nifty Media was down 2.3%, Nifty PSU Bank was down 1.2%, Nifty Bank was down 0.8%, Nifty IT was down 0.26% and Nifty Pharma was down 0.11%.

Source: indiainfoline.com