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Market Report

Thursday, 30-June-2016


  • Sensex, the 30-stock benchmark ended the day at 26,999.72 today, up 259.33 points or +0.97 per cent. The Nifty50 settled at 8,287.75 today, up 83.75 points or +1.02 per cent. India VIX, the market's fear gauge, eased to 0.83 per cent. The Nifty50 hit the 8,300 level in intra-day trade after about eight months, and closed at the highest closing level since October 23, 2015.

  • Markets extended gains for the fourth straight session with the Nifty hitting fresh 2016 high in intra-day trade led by private lenders even as the June series F&O contracts expired. Analysts attributed the rally to strong global cues and a rebound in crude oil prices after a fall over the past two days. A strong revival in monsoon, tailwinds of Wednesday's big pay bonanza also kept the mood bullish on Dalal Street, which helped several consumer oriented stocks and the entire basket of banking stocks log solid gains.

  • The impact of Brexit was felt in financial markets across the globe, but our domestic equity benchmarks were quick to bounce back. They rallied over +2 per cent each so far in the week gone by to reclaim their crucial psychological levels. The S&P BSE Sensex rallied over 600 points in three sessions while Nifty50 rose over 200 points. The rally seen in the Indian market was the result of a combination of both short covering as well as fresh buying.

  • Some experts though reaffirmed their faith that the rally is here to stay. I have to confess the way this market has absorbed Rexit and Brexit, it has just been phenomenal, said Jagdish Malkani, Member, NSE & BSE. There is no doubt it is a bull market. Having said that, there is no getting away from the fact that there is enough to worry in terms of stressed loans. I will still wait to see how FIIs behave from a liquidity perspective. Positional traders should not get carried away and should not anticipate a huge breakout now that the 8,300 level is close, he said.

NIFTY 3-Month

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