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Market Report

Tuesday, 28-June-2016

NSE

  • The Sensex ended at 26,524.55 today, up 121.59 points or +0.46 per cent, while the Nifty50 closed at 8,127.85 today, up 33.15 points or +0.41 per cent. The rally was broadbased, with BSE Midcap and Smallcap indices gaining +0.48 per cent and +0.79 per cent, respectively.

  • After a flat opening, markets picked up pace and closed firm mirroring strength in the global equities on value buying after the Brexit impact passed away. Meanwhile, participants are keenly watching the rollovers to the next series ahead of the expiry of June F&O series due on Thursday, and auto sales volume data for June and India Manufacturing PMI for June due on Friday.

  • The bulls staged a smart comeback on Dalal Street today, and in the process, the Nifty formed a 'Small Bullish Candle' on the daily candlestick charts but failed to push the index beyond the 8,150 level, which most experts think is crucial for the bulls to be able to sustain the upward momentum. A huge pay bonanza for government employees, which is expected to come tomorrow and good monsoon rains are expected to trigger a consumption boom in the country. The twin triggers are enough to help Dalal Street get over the Brexit blues and look up in the next few days.

  • Markets at the this point look more to be influenced by global cues and are not really focusing on fundamentals, said Nikhil Kamath of Zerodha. Technically the markets are in a no trade zone with no clear cues on either direction, 7,950 as a stop with a closing basis seems to have held up for the near term. We would recommend staying in cash at the current juncture, we would not advise initiating new directional positions in either direction at this time, he said.

NIFTY 3-Month

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