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Market Report

Thursday, 14-July-2016

NSE

  • The Sensex closed the day at 27,942.11, up +0.46 per cent or 126.93 points, while the Nifty50 reclaimed its crucial support level at 8,550 and settled at 8,565.00 today, up 45.50 points or +0.53 per cent. The Nifty ended the day higher after falling to touch 8,500-level earlier in the day, powered mainly by strong opening of the European markets.

  • The Nifty50 hit an 11-month high in intraday trade today. Markets gathered pace in late trades after reports of talks between the Congress and the government fuelled hopes that the crucial Goods and Services Tax (GST) Bill is likely to be passed soon. Further, the progress of the monsoon also aided sentiment. The June wholesale price inflation print, which increased to 1.62 per cent from 0.79 per cent in May, suggested that India Inc is finally getting some respite from declining prices.

  • A late surge in the second half today helped Nifty50 close above the crucial level at 8,550 and hit an 11-month high, forming a strong 'Bull' candle on the daily charts in the process. A strong 'Bull' candle after two 'Hanging Man' patterns suggests that the bulls managed to regain control of the market. The trend is likely to extend to a couple of more sessions, but given the fact that most indicators are showing overbought levels, a mild correction cannot be ruled out. Traders, who are holding long positions, should book partial profits while fresh longs should be initiated once Nifty50 closes above the 8,600 mark convincingly, say charting experts.

  • After market hours: Tata Consultancy Services (TCS) today beat Street estimates with June quarter earnings, reporting a 9.9 per cent year-on-year (YoY) growth in net profit at Rs 6,317 crore, which was higher than a Street estimate of Rs 6,065 crore. The IT exporter had reported a net profit of Rs 6,342 crore in the previous quarter. The company reported a 3.7 per cent sequential growth in dollar revenue for the quarter. In rupee terms, TCS' revenue rose 3 per cent to Rs 29,305 crore.

  • IT major Infosys will announced its earnings ahead of market hours on Friday, at around 9:15am. Infosys is likely to report a strong sequential growth in revenue at over +4 per cent.

NIFTY 3-Month

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