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Market Report

Thursday, 28-July-2016


  • The 30-share Sensex closed at 28,208.62 today, up 184.29 points or +0.66 per cent while the broader Nifty50 settled at 8,666.30 today with a gain of 50.50 points or +0.59 per cent.

  • The S&P BSE Sensex opened about 100 points higher and NSE's Nifty50 shot above the crucial 8,600 level at the opening bell. The Sensex comfortably traded in the green throughout the day before rallying another 200 points in the last 40 minutes of trade. The Nifty50 made a dash beyond the 8,650 level in the last half-an-hour of trade.

  • Benchmark share indices shrugged off weak global cues to end higher followig the expiry of July F&O derivative contracts after the recent developments in the parliament rekindled hopes of the GST Bill getting passed in the ongoing monsoon session of Parliament. Besides, the India Meteorological Department (IMD) is sticking to its 2016 forecast of southwest monsoon being 'above normal' as of now, based on the rainfall so far, particularly in July, but a final conclusion can be drawn once it releases its second stage forecast by this month-end.

  • The bulls were back in action on Dalal Street today, as the Nifty50 managed to stage a smart rally in the last one hour of trade, forming a 'Small Bull' candle on the daily candlestick chart. The Nifty50 hit a fresh 52-week high of 8,674.70 in trade on a day when the July F&O series expired, which is a comforting sign for the bulls. Based on the trading activity witnessed so far during the week, investors can build long positions on Nifty50 with a stop loss at 8,570, say experts.

NIFTY 3-Month

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