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Market Report

Thursday, 06-Aug-2015


  • Fag-end buying in blue chip stocks helped the S&P BSE Sensex settle an otherwise listless day up 75.05 points, or +0.27 per cent, at 28,298.13 today. The 50-share Nifty index closed the session at 8,588.65 today, up 20.70 points, or +0.24 per cent.

  • Pharma majors have been recently acquiring assets overseas and today's rally was largely led by pharma shares following the strategic tie-up with Amgen by Dr Reddy's Labs. India which deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences also aided sentiment.

  • Globally, most Asian markets ended on a mixed note with Japan's Nikkei ending +0.24 per cent higher, or 50.38 points to settle at 20,664.44, thanks to depreciating yen, which sank to a two-month low against the during the day. Major European markets were quoting with a negative bias at this writing. US markets are also down at this time.

  • Expect Bank Nifty to outperform; Nifty may trade in 100-point range, says Mitesh Thacker. Nifty will face a strong resistance at 8,650. I do not expect 8,550 to be broken down. Therefore, Nifty would broadly trade in 100-point range. One has to be stock-specific. I see a fresh move beginning. One has to identify the right stocks and play in them rather than being in the frontline indices. All in all, Nifty should test 8,650 in the next few sessions, he adds.

  • Largecaps may languish till US Fed next policy review in September, says Ashwani Gujral. There is no value in trying to trade Nifty in a shallow range. Right now, the focus is on smaller stocks and those portfolios will do very well that are positioned correctly in housing finance, auto ancillaries and midcap pharma names. Largecaps are contracting and I think that they would probably contract till the September Fed decision. Till then, midcaps will do the catch-up and that is the place to be in right now, he adds.

NIFTY 3-Month

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