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Market Report

Friday, 19-June-2015

NSE

  • The 50-share NSE index closed 50.35 points higher or +0.62 per cent at 8224.95 today. The S&P BSE Sensex ended 200.34 points higher or +0.74 per cent at 27,316.17 today. The Sensex ended +3.30 per cent higher, while Nifty closed +3.03 per cent up for the week ended June 19.

  • Markets gained for the sixth straight session with Nifty settling above the 8,200 levels comfortably supported by sustained buying across the board. RIL displayed a spectacular rally for the sixth straight day on optimism concerning the company's 4G telecom services that is likely to roll out under the Reliance Jio brand in December.

  • A surprisingly good start and above-normal monsoons, positive macroeconomic numbers coupled with a dovish stance by the US Fed bolstered the rally. The rupee rose to its highest in more than a month. Also, a lower-than-expected rise in the Minimum Support Price (MSP) for the Kharif crops by the Government in order to contain inflation proved to be a key driver for the markets as investors anticipate a further rate cut by the RBI in the near term, for a fourth time this year.

  • You have to remain long on the index, says Ashwani Gujral. Banks have probably recovered a bit from lows, but Nifty seems to be the strongest index as Reliance Industries is leading the up move. Overall, people should basically remain long on Nifty as long as now 8,180 holds on, he says.

  • Banking stocks giving hopes; RIL may take a breather, says Mitesh Thacker. On a weekly basis, Reliance Industries has gained about 12 per cent. Surely, the stock has triggered an strong uptrend and there is no doubt about it. But it has run away too far from its short-term averages. Thus, for the time being, the stock might take a breather. Overall, the market is exhibiting good strength. In fact, it was the banking pack which did give me some hope today. May be if they can join the rally, there could be couple of days when the banking stocks do much better. I see rest of the market taking a breather, he says.

  • The coming week would be dominated by NSE Derivatives expiry related volatility and all eyes would be on Greece's 'bundled' payment scheduled on June 30, considering the warning received from IMF.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)