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Market Report

Monday, 13-July-2015


  • The 30-share BSE Sensex closed the day 299.79 points higher, or +1.08 per cent up, to close tha day at 27,961.19 today. The broader 50-share Nifty ended the session 99.10 points, or +1.19 per cent up at 8,459.65 today. The Sensex surged 343 points in intraday trade and hit 28,005.17 to reclaim its crucial psychological level of 28,000 today. The 50-share Nifty index rallied over 100 points in intraday to reclaim its crucial psychological level of 8,450, and is on track to hitting 8,500.

  • Markets ended over 1% higher today amid firm global cues, after eurozone leaders unanimously reached an agreement with Greece for a debt bailout package, thereby keeping the debt ridden nation as part of the European Union. Experts are of the view that even though India has very little direct or indirect exposure to Greece, the deal would be a sentimental boost for Indian markets. Further, rally in Chinese stocks for the third straight session post the rout last week also aided sentiment.

  • During the day, Crude oil prices were seen tumbling more than -3 per cent in trade on concerns that a likely nuclear deal with Iran would add to oversupplies. Brent crude hit $57/bbl in trade on reports that Iran and six other world powers were on the verge of sealing the nuclear deal. Many brokerages have cut outlook on crude, citing record production of the black gold.

  • Our market has held on fairly strongly in the face of Greece, says Ashwani Gujral. We were not falling but we were not rising either. Now with Greece off the table, Indian markets could outperform because we were doing this small range of about 8300-8400 that we have decisively broken on the upside. It is possible that the next few days could be good for the Indian market. Once 8,550 on Nifty is crossed, and we get on to the other half of the 8,500, the market could gain further momentum. The conditions are improving and it is just that we need some more good news to push the market higher, he adds.

  • Nifty likely to climb to 8,550-8,630 levels in short term, says Mitesh Thacker. Both Bank Nifty and the midcap index have given strong buy signals. That could possibly carry Nifty on the upside. The CNX IT, on intraday basis, has managed to recapture 11,000 towards the end of today's trading session. If it stops falling, then Bank Nifty and midcap index or the energy sector could possibly pull the Nifty on the upside. I would look at short-term targets of 8,550-8,630, he says.

NIFTY 3-Month

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