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Market Report

Wednesday, 20-July-2016

NSE

  • The S&P BSE Sensex rose 128.27 points, or +0.46 per cent, to end at 27,915.89 today, while the Nifty50 gained 37.30 points, or +0.44 per cent, to close the session at 8,565.85 today. Broader markets outperformed the benchmark indices: BSE Midcap and Smallcap indices were up almost +1 percent each.

  • Benchmark indices ended higher in trades today with pharma shares leading the gains. Hopes of passage of the goods and services tax (GST) bill in the ongoing monsoon session of Parliament fuelled a 100-point rally in the Sensex late in the day, lifting it very close to the 28,000 mark. This, despite the International Monetary Fund (IMF) cutting India's GDP growth forecast for 2016-17 from 7.5 per cent to 7.4 per cent, which will make still India the fastest growing large economy in the world.

  • Positive cues from European markets and an expected strong start to the US markets also aided sentiments after a survey by the Bank of England suggested that the real impact of Brexit would be minimal in the near term. Plus, market is gaining momentum supported by continued FII inflow and expectation that GST will see the light of day in the current session.

  • The bulls managed to keep the momentum going on Dalal Street for the second consecutive day today and pushed the Nifty50 above the 8,550 mark. In the process, the index formed a 'Strong Bull' candle on the daily candlestick charts. If the index manages to close above the 8,590-8,600 levels convincingly, it would aim for the next target at 8,660 which has the potential of restricting any further bounce. On the downside, the 8,476 level assumes significance, say charting experts.

NIFTY 3-Month

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