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Market Report

Friday, 22-July-2016


  • The Sensex climbed 92.72 points, or +0.33 per cent, to settle at 27,803.24 today. The Nifty50 ended the session at 8541.20 today, up 31.10 points, or +0.37 per cent. In the broader market, both the BSE Midcap and Smallcap indices, gained nearly +1% outperforming the benchmark indices.

  • Markets recouped intra-day losses to end marginally higher on reports that the GST constitutional amendment bill has been listed for discussion in the Rajya Sabha next week. The domestic market gained even as major Asian markets fell by up to -1 per cent on disappointment over the ECB's money policy review, where President Mario Draghi refrained for announcing further stimulus. Weak earnings of Intel Corp and select transportation companies in the US also hurt the sentiment.

  • The bulls made a smart comeback on Dalal Street today and formed a 'Hammer' like pattern on the daily candlestick charts. However, investors should wait for a decisive move on either side before initiating fresh positions. The price action for the week gone by indicates that the consolidation pattern is likely to continue for some more time and investors who are long, should stay put until Nifty50 trades above the 8,476 level, said experts.

  • Data available with depository NSDL showed foreign institutional investors have pumped in over Rs 7,600 crore into domestic equities so far this month. The valuation for the market is very-very toppish. Forward PEs are extremely high, if you look at the charts. It is a liquidity-driven rally and we can all see what is happening. There is a very strong wave of inflows into the emerging markets and the Indian market is being buoyed by this. It is very difficult to predict when that ebbs out, said Sanjay Mookim of BofA-Merrill Lynch.

NIFTY 3-Month

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