IntradayTrade dot Net dot IN
Market Report

Wednesday, 15-July-2015


  • In a reversal of the trend seen in the past, the benchmark indices outperformed the broader markets. The Sensex ended at 28,198.29 today, up 265.39 points or +0.95% and the broader 50-share Nifty closed at 8,523.80 today, higher by 69.70 points or +0.82%.

  • The markets ended at the day's highs, with the Sensex climbing back above the psychologically important 28,000 mark and Nifty reclaiming the 8,500 mark, aided by the largely positive cues from the Asian front.

  • The hopes of a rate cut by the Reserve Bank of India (RBI) at its next monetary policy review meet due next month and a possible decline in oil prices in the aftermath of the historic nuclear deal between Iran and global powers seem to have further bolstered the sentiment on Dalal Street. Under the Iran deal, sanctions imposed by the United States, the European Union and the United Nations are to be lifted in exchange for curbs on Iran's nuclear programme.

  • Today's rally was backed by optimism that India, which imports almost a third of its crude requirements, would benefit from weak oil prices on the back of Iran nuclear deal. Blue-chip stocks supported the rally on hopes lower crude oil prices would help India control its twin deficits and inflation, thereby creating headroom for the central bank to ease borrowing costs further.

  • Globally, investors would be keenly watching the US Fed Chief Janet Yellen's two-day testimony before the US Congress and voting on reform measures by the Greek parliament, both scheduled later in the day.

  • Nifty likely to get past 8,550-8,600 range; keep long positions intact, says Ashwani Gujral. The market continues to slowly move on the upside. There are higher chances that Nifty will soon get past 8,550-8,600 zone. If we can get any sort of bad news, and get a 100-point dip on the index, that would be best time to buy into this market. But overall, with a stop loss of say around 8,450-8,470 on the index, one should continue to carry your long positions, he adds.

NIFTY 3-Month

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