Markets gain in early trade as realty, pharma stocks drive momentum; Sensex, Nifty edge higher

Indian benchmark indices opened on a firm footing on June 16 (Monday), with both the Sensex and Nifty continuing their upward trend from the previous session. The BSE Sensex rose by 198 points, or 0.24%, to 81,317 in early trade, while the NSE Nifty 50 climbed 52 points, or 0.21%, to reach 24,770. The indices showed early resilience, supported by steady buying interest across sectors.

However, after starting the day with increased value, prices then fell back down, erasing those initial gains.

Among corporate developments, Godrej Properties revealed plans to launch a high-end residential project in East Bengaluru’s Hoskote area. The new development will span roughly 14 acres and is expected to yield around 1.5 million square feet of saleable area. The project carries an estimated revenue potential of approximately ₹1,500 crore, adding further momentum to the real estate segment.

On the pharma front, Biocon Ltd shared updates related to inspections by the United States Food and Drug Administration (USFDA). A recent Good Clinical Practices (GCP) audit conducted between June 9 and 13 at its Semicon Park, Bengaluru site concluded successfully with no observations or Form 483 issued. The inspection was classified as “No Action Indicated” (NAI), reflecting full compliance.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, “The week opened positively, but once again, the market faced resistance near 25,200/82,800 and reversed. Technically, on weekly charts, it has formed a long bearish candle and is currently trading comfortably below the 20-day SMA (Simple Moving Average), which is largely negative. We believe that as long as the market remains below the 20-day SMA or 24,850/81,600, weak sentiment is likely to continue. On the downside, the market could retest the level of 24,500/80,500. A breach of 24,500/80,500 could accelerate selling pressure. Below this level, the index could slip to the 50-day SMA around 24,300/79,900.”

“On the upside, a break above 24,750/81,300 could extend the pullback move up to 24,850/81,600. Further gains may also continue, lifting the market toward 24,950–25,000/81,900–82,100. For Bank Nifty, the key support zone is between 55,000 and 55,200. Above this range, it could bounce back toward 56,100–56,300. Conversely, a fall below 55,000 increases the likelihood of testing the 50-day SMA or 54,500,” added Chouhan.

Overall, the market mood remained upbeat in early trade, aided largely by positive company-specific news, despite volatility in the global market.