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Market Report

Tuesday, 12-July-2016

NSE

  • The S&P BSE Sensex rallied steadily through the day before slipping quite a bit in afternoon trade, but the index rebounded quickly to surge past the 27,800 mark in the last half-an-hour of trade, before closing at 27,808.14, up 181.45 points or +0.66 per cent. The broader Nifty50 too put up a spectacular show and breached the crucial support level at 8,500 for the first time since August 14, closing at 8,521.05 today, up 53.15 points or +0.63 per cent.

  • The bulls continued their run on Dalal Street for the second consecutive day today as the equity indices rose to hit fresh 11-month highs. While an overnight surge in the US markets that lifted the equity indices to record highs lifted the mood in the morning, hopes of good June quarter earnings and possible passage of the goods and services tax bill kept investor sentiment bullish.

  • The Nifty formed a 'Hanging Man' kind of pattern on the daily candlestick charts today. After forming a 'long bull candle' or a 'long white day', a 'Hanging Man' pattern suggests the coming sessions could witness some consolidation. However, a confirmation of the same is still awaited. A move below the 8,475 level could confirm the bearish bias, said technical experts. However, there are stronger chances of a breakout above the 8,550 mark than a breakdown, they said.

  • Analysts said both global and local factors drove the market. The market is brushing aside Brexit and all other negatives, said Mayuresh Joshi of Angel Broking. To a large extent, my belief is that monsoon and GST are largely priced in. It is more of a global rally and the liquidity situation across the globe that we are seeing in this positive sentimental push through the markets, said Joshi.

NIFTY 3-Month

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