IntradayTrade dot Net dot IN
Market Report

Monday, 11-July-2016


  • The Sensex surged 520.58 points to hit a high of 27,647.48, before settling the day at 27,626.69, up 499.79 points or +1.84 per cent. In the last half an hour, the index surged past 27,600 mark with support from all sectors. the Nifty50 settled at the highest level since August 19, 2015, closing the day at 8,467.90, up 144.70 points, or +1.74 per cent. The Nifty50 crossed its crucial resistance at 8,450 in trade today. Only one of the 30-stock Sensex pack ended in the red.

  • Benchmark indices ended higher by almost 2% with the Nifty50 index hitting the highest mark since August 20, 2015, supported by strong global cues as stronger-than-expected US jobs report suggested that recovery in the world's largest economy was back on track. The Nifty Bank index also closed at its highest level since August 19, 2015. In the broader market, the BSE Midcap index hit a record high of 12,079 and the NSE Midcap 100 hit 14,299 mark in trade today.

  • Technically, the way the market is holding above the 8,300 level and buyers are taking any short-term correction as an opportunity to enter the market, it seems sentiment is extremely bullish, said Rohit Gadia of CapitalVia. This market has the potential to move higher once it overcomes the supplies around 8,380-8,400 levels. The momentum indicator is in favour of the continuation of the present trend as no divergence is visible yet, he said.

  • The index is certainly not ceding any ground, said CK Narayan. Those who are taking a view beyond the day are certainly going long. Otherwise the market would have slipped. If there are shorts, investors are not really panicking, added Narayan. Apart from global liquidity, possible reasons for the euphoric rally we saw in most of the smallcap and midcap stocks over the past two weeks could be hope of above-normal monsoon and the likely passage of the goods & service tax (GST) bill, experts said.

NIFTY 3-Month

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