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Market Report

Tuesday, 04-Aug-2015

NSE

  • The 30-share BSE Sensex closed the session down 115.13 points, or -0.41 per cent, at 28,071.93 today. The broader 50-share Nifty barometer settled the trading session at 8,516.90 today, down 26.15 points, or -0.31 per cent.

  • Our markets closed in the red on profit booking after the Reserve Bank of India at its third bi-monthly policy review today kept key rates unchanged as retail inflation continues to remain at elevated levels. The RBI kept the repo rate unchanged at 7.25% and also kept the cash reserve ration (CRR) unchanged at 4%. Headline consumer price index (CPI) inflation rose for the second straight month in June 2015 to a nine-month high of 5.4%.

  • Brokers said that the RBI's decision to keep interest rate unchanged was largely in line with investor expectations but there is scope for at least another 25 basis point cut in the 2015 calendar year, with the trajectory of oil prices, progress of the monsoon and any interest rate hike by the U.S. Fed acting as triggers.

  • Expect Nifty to remain in 8450-8560 range; stay stock-specific, says Mitesh Thacker. The market still appears to be in some kind of trading range and, therefore, one should have very stock-specific approach. What is important is that the market breadth has remained positive and a lot of breakouts are happening on the midcap side. The counters are seeing good volumes and a good followup as well. Nifty may not fall much but, for the time being, it appears that it will stay in 8450-8560 zone, he adds.

  • Action shifts to midcaps, non-index stocks, says Ashwani Gujral. All stocks which are correcting from all-time highs, completing three- to five-day corrections are getting back into uptrends. As far as the market is concerned, it is still a contracting market. There is no clear sense from global markets and, hence, the midcap space is doing much better than largecap space, he says.

NIFTY 3-Month

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