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Market Report

Tuesday, 05-July-2016

NSE

  • Both the S&P BSE Sensex and the broader Nifty50 opened flat and the Sensex lost as much as 221.36 points in intra-day trade before closing at 27,166.87 today, down 111.89 points or -0.41 per cent. The Nifty50 settled at 8,335.95 today, down 34.75 points or -0.42 per cent.

  • Markets finished the session on a lower note with Indices snapping the six day winning streak after investors booked profits at higher and attractive levels. Also, weakness among global peers and dismal June services sector PMI data dampened investors' sentiment while the expansion of PM Modi's cabinet evoked no major positivity.

  • In overseas stock markets, Asian and European stocks edged lower as investors became cautious as Brexit recovery eased ahead of the release the influential monthly US nonfarm payroll report. The US government will announce nonfarm payroll report for June on Friday.

  • The domestic stock market, which seems to have entered a consolidation phase, has made it tough for investors to take any directional call. But select counters continue to promise action. 'Stochastic' oscillators of as much as 96 stocks are giving buy signals on the technical charts. However, to make trading call, investors should not analyse Stochastics in isolation. Traders could use MACD, RSI or ADX in tandem to make a winning trade, say experts.

  • Some analysts said the market was waiting for a major trigger, ahead of a market holiday on Wednesday. The indices are trying to make up their mind, which way to go. There has been some profit taking, but on the credit side, it has not really allowed a decline. The market is awaiting some sort of news flow, which people can use to decide where to position themselves, said Dr CK Narayan. Many believe June quarter earnings are going to be the next trigger for the market.

NIFTY 3-Month

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