Markets close lower; Banking Stocks underperformed

Bank Nifty underperformed the Nifty index by ~0.5% with both the indices closing ~0.9%/0.4% lower.

Jun 17, 2021 03:06 IST India Infoline News Service

Markets witnessed a negative day of trade as across the board long unwinding weighed in.

Bank Nifty underperformed the Nifty index by ~0.8% with both the indices closing ~1.4%/0.6% lower.

Adani Group stocks & Financial stocks were among the top underperformers as the stocks like Adani Ent, Adani Ports, SBI & ICICI Bank closed around its intraday lows, adding short positions.

Nifty Midcap 100 index closed ~1.3% lower.

Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:2x. Nifty saw an unwinding of long positions during the day.

On the options front (June 24, 2021 expiry), across the board writing was seen in the call option strikes as Bank Nifty trended lower. India Vix index closed at 15.4, up ~3%.
Top 2 F&O Gainers: GUJGAS & TORRENT PHARMA
Top 2 F&O Losers: ADANI PORTS & ADANI ENT
Nifty -87 @15,680
Bank Nifty -480 @34,525

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