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Market Report

Wednesday, 29-June-2016

NSE

  • The S&P BSE Sensex opened 100 points higher in the morning and rallied another 100 points after the Cabinet decisions. The Sensex ended the day at 26,740.39 today, up 215.84 points or +0.81 per cent while the 51-share Nifty50 settled at 8,204.00 today, up 76.15 points or 0.94 per cent. Among broader markets, BSE Midcap and Smallcap indices surged between plus 0.9%-1.2%, outperforming the benchmark indices.

  • The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved the recommendations of the Seventh Pay Commission, a move which will boost consumption by putting extra disposable income in the hands of the central government's 4.7 million employees. The Cabinet has also approved the National Mineral Exploration Policy (NMEP) today, which will pave the way for auction of 100 prospective mineral blocks, boosting India's mining potential. Investors' sentiments were further boosted due to recovery in global stocks after near term Brexit concerns eased.

  • The Nifty50, which started the day with a gap up, reclaimed its crucial psychological level at 8,200 today, to form a 'Short Day' kind of pattern on the daily candlestick charts. A 'Short Day' with a bullish bias suggests the price did not progress too far during the trading day. Even though Nifty50 reclaimed its crucial resistance level on the charts at 8,200, technical chartists still advised investors to remain cautious over the next few sessions.

  • Brexit looks like a non-event now, said Dipan Mehta, Member, BSE & NSE. The focus has shifted to domestic-oriented companies and earnings of Indian companies are likely to improve over the next 12 to 15 months. We are focussing more and more on companies that will benefit from the revival in the domestic economy, consumer spending, monsoon and GST, he added.

NIFTY 3-Month

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