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Market Report

Wednesday, 01-July-2015

NSE

  • The 30-share Sensex closed the day at 28020.87, up 240.04 points or +0.86% up. The broader 50-share Nifty ended 84.55 points or +1.01% up at 8,453.05 today. The Nifty touched a low of 8,370.15 and a high of 8,481.60 in intraday trade today. The crucial psychological level of 8450 was crossed confidently by the Nifty at closing today.

  • Our benchmark indices shrugged off the Greece uncertainty to end at around six-week highs. The Sensex surged reclaimed its psychological mark of 28,000 in intraday trade today. Nifty also crossed 8,450 on closing for the first time since May 22, 2015. Yesterday, benchmark indices managed to stage a smart rally on hopes that Greece would strike a last-minute deal to avoid an exit from the Euro zone. The momentum continued today as well.

  • The Nifty is at highest level in one-month period on media reports that the Greek PM is likely to accept most of the bailout conditions. Greece is prepared to acceprt creditors' proposals with changes. Market participants also reacted to macro data, which was released post market hours yesterday, showing growth in India's core sector. The above-normal monsoons also boosted sentiment on Dalal Street.

  • Ashwani Gujral is of the view that India would have benefited either way with the Greek position. If Greece goes down the tube, it is good for India because eurozone will slow down and US rate hike will probably get delayed. All that is good for India. If US dollar goes up, chances are that commodities will fall further. The Indian markets were already oversold and some long term investors have decided to buy that gave us a three-day strong rally of over 270 points on the Nifty. About 150 points more on the Nifty are possible, he adds.

NIFTY 3-Month

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