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Market Report

Friday, 10-July-2015

NSE

  • The S&P BSE Sensex ended the day at 27,661.40 today, up 87.74 points or +0.32% higher. The 50-pack Nifty ended the day at 8,360.55 today, up 32 points, or +0.38% higher. In the broader market, the BSE Mid-cap and Small-cap indices gained 0.2% each.

  • Markets gained pace in late trades to snap a three-day losing streak and the Nifty ended above the 8,350 on hopes of a bailout deal to keep Greece in the euro zone at a weekend summit of European leaders. Further, an increase in capital goods shares on expectations of higher industrial growth in May further boosted sentiment.

  • Rally in the European markets boosted domestic sentiment. There were hopes that Greece would eventually manage to secure bailout deal from international creditors coming Sunday. Spanish IBEX was leading the recovery in the European pack, gaining as much as 5.5 per cent amid Greece debt deal hopes. Meanwhile, investors were keenly awaiting the factory output data scheduled after the market hours of the day.

  • Earlier in the day, Shanghai Composite index closed 4.5 per cent higher, which helped the index record its biggest two-day gain since 2008. The index was up 5.79 per cent in the preceding session after Chinese authorities came up with a slew of measures to tame the market crash.

  • Technically, Nifty did manage to support the crucial 8200-8250 support zone which was a key reversal few weeks back, said Kunal Bothra of LKP Securities. We believe that Nifty can consolidate between 8200-8500 over the next few days. Impact of IIP numbers and the earnings expected for frontline stocks could be the key events to watch out for in the coming week, he added.

  • The index has turned definitely better, but I am still not comfortable taking a long position, says Mitesh Thaker. I am taking a paired trade, which is basically shorting the CNX IT against the banking index. I think it would be a good equation to be, he says.

  • After market hours: May IIP slows to 2.7% versus 3.4% in April. The Index of Industrial Production (IIP) for the month of May grew at 2.7% versus a growth of 3.4% in April 2015. 2.7% is much lower than the market projection of 3.9%. The cumulative growth for the Q1 period April-May 2015-16 over the corresponding period of the previous year, stands at +3.0%.

NIFTY 3-Month

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