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Market Report

Monday, 03-Aug-2015

NSE

  • The S&P BSE Sensex ended the day up by 72.50 points, or +0.26 per cent, at 28,187.06 today. The 50-share Nifty index closed the session up 10.20 points, or +0.12 per cent, at 8,543.05 today. The Nifty could not hold the psychologically important level of 8,550 at closing today, although it touched a high of 8,563.95 in intraday trade.

  • Benchmark indices ended higher with banks leading the gains after the government proposed capital infusion to the tune of nearly Rs 20,000 crore in the next two months to boost their capital base. Further, hopes of a rate cut by the RBI at its policy meet tomorrow also supported the rally. CNX Bank Nifty gained over 250 points in intraday trade today.

  • All eyes were on the Reserve Bank of India's policy review on Tuesday. While the apex bank is expected to keep key policy rates unchanged, some investors remain hopeful that the fall in crude oil prices and slowing core sector growth may lead to a surprise cut by the RBI.

  • Meanwhile, the purchasing managers' index (PMI) rose to 52.7 points for July, up from 51.3 in the previous month. The PMI index is at a six-month high surpassing January's 52.9 points, thus indicating a recovery in our domestic manufacturing activities.

  • Nifty may test sub-8,400 levels if it breaks below 8,490, says Mitesh Thacker. There are two Nifty levels which I will watch out for: on the upside, it will be 8,560 and 8,490 on the downside. A break on either side will give you some kind of a more directional sense. If Nifty starts breaking below 8,500-8,490, then we might go into some kind of corrective movement and possibly look at sub-8400 level. While above 8,560, I am looking at targets of around 8,650 and possibly 8,730 on Nifty, he says.

  • Market lacks momentum; auto, defence stocks may perform well, says Ashwani Gujral. Nifty remained range-bound and it was more about individual stocks. There was more of a midcap action. So if you stick with housing finance, automobile and be a couple of defence stocks, you would likely to do okay but, overall, I do not think the market has a great momentum. It is unlikely to cross significant levels either on the upside or downside, he adds.

NIFTY 3-Month

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