IntradayTrade dot Net dot IN
Market Report

Monday, 18-July-2016

NSE

  • The BSE Sensex closed with losses of -0.32 per cent, or 89.84 points, at 27,746.66 today after briefly reclaiming the 28,000 mark. The 50-share Nifty50 ended the day lower by 32.70 points, or -0.38 per cent, to close at 8508.70 today. It touched a high of 8587.10 in intraday trade today.

  • Taking cues from the mixed trading seen in other Asian and European markets, the domestic equity market started the week on a low note after rallying close to +3 per cent in the previous week. FMCG giant Hindustan Unilever today reported 3.6 per cent revenue growth in Q1 which was below Street estimates with volume for the April-June quarter growing just 4 per cent. This was partly responsible in triggering a profit booking fall in the markets in the second half today.

  • Another reason for the decline today could well be the delay surrounding the GST Bill. The market is already factoring in a positive scenario of likely passage of the bill, but uncertainty still remains. Latest media reports suggest that a high-level meeting between the government and principal Opposition Congress held ahead of the monsoon session of Parliament has failed to break the standoff.

  • If GST bill gets through, it can be a big trigger for the market, which could well take Nifty50 towards the 9,000 level by December, translating into a 5-7 per cent upside from current level, provided the monsoon rains are above normal, say experts.

NIFTY 3-Month

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