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Market Report

Friday, 24-July-2015

NSE

  • The S&P BSE Sensex dropped 258.53 points, or -0.91 per cent, to settle the day at 28,112.31 today. The broader 50-share Nifty ended the day down 68.25 points, or -0.79 per cent, at 8,521.55 today. The losses of the last two days this week has wiped out the profits amde on Wednesday.

  • The fall in the domestic market was in line with weak Asian markets. Most Asian indices declined as manufacturing activity in China crumbled to 15-month lows, rekindling concerns for the region's exports as the world's second-largest economy struggles to arrest a broad downturn.

  • Experts also feel that the market is certainly not very comfortable with the kind of activities which are happening in the Parliament -- no decisions, only adjournments as the first week of the monsoon session of Parliament was washed out. Lack of any concrete progress on key reforms, including goods and services tax (GST) and Land Acquisition Bill, has dampened investors' risk appetite.

  • The Lok Sabha failed to transact any business during the first week of the monsoon session as the opposition demanded resignation of External Affairs Minister Sushma Swaraj and chief ministers of Rajasthan and Madhya Pradesh. On the other hand, monsoon has progressed well in the last few days, bringing down the deficit. However, that was overshadowed by the other concerns, say experts.

  • Markets ended in red during the week on reform worries following disruption of Parliament because of a political tussle between the National Democratic Alliance (NDA) government and the Congress party. The BSE Sensex dropped 351 points or -1.23 per cent during the week. The CNX Nifty declined by 88.30 points or -1.03 per cent this week to settle at 8,521.55 today.

  • Nifty may see 50 to 70-point correction, eyes 8,500 on downside, says Sandeep Wagle. 8,550-8,560 on Nifty should not have been broken, but it did on Friday. Now, the index is eyeing next level of support of 8,500. We are just 20 points away from that. Probably, we may even break that, and test 8,450-8,460 levels. I would still say that we may see a 50-70 point correction, no more, he says.

NIFTY 3-Month

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