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Market Report

Tuesday, 28-July-2015

NSE

  • The 30-share BSE Sensex closed the session 102.15 points down, or -0.37 per cent, at 27,459.23 in a choppy session, falling for the fourth straight trading day. The broader 50-share index Nifty ended the day down 24.00 points, or -0.29 per cent, at 8,337.00 today.

  • Benchmark Indices ended lower for the fourth consecutive session on concerns of capital outflows after the special investigation team proposed stringent norms for P-notes. Further, investors turned catious ahead of the US Federal Open Market Committee (FOMC) meeting that begins today, which could further give signals on whether the Fed will hike the rates.

  • Earlier in the day, most Asian indices ended in the red, tracking an overall fall in the US market. Cautiousness prevailed amid ongoing concerns over China's slowing economy after its latest data suggested a fall in industrial profits and a contraction in PMI manufacturing readings. Major European markets were however quoting in the green.

  • Post the government's explanation over p-notes, India is showing signs of stabilizing after yesterday's sharp fall when the Chinese market gave way, say experts. The immediate movement in the markets will depend on the FOMC rate decision tomorrow which is likely to take yet another small step towards exiting the zero rate policy by September. This volatility will continue in the near-term but we believe that a large chunk of this impact has been already felt, they say.

  • The RBI meets next on August 4 and we expect the benchmark Repo rate to be held unchanged at 7.25 per cent after cumulative 75 bps cuts since January 2015, DBS said in a research note today. According to the global financial services firm, besides the impact on markets, the Central Bank would take cues from the US Federal Reserve this week for its rate trajectory.

NIFTY 3-Month

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