IntradayTrade dot Net dot IN
Market Report

Monday, 01-Aug-2016

NSE

  • The Sensex swung between gains and losses in a 411.32-point range before closing at 28,003.12 today, down 48.74 points or -0.17 per cent. The broader Nifty50 settled at 8,636.55 today, down 1.95 points or -0.02 per cent.

  • The domestic equity market had a cracker of a start today, maintained solid gains till about midday and then went on a roller-coaster ride downwards. The S&P BSE Sensex opened 100 points higher and the NSE's Nifty50 index hit a 15-month high at 8,700 level after recent developments in the parliament rekindled hopes of the crucial GST Bill getting passed this week. Till about 12 pm, both the equity benchmarks ruled strong.

  • The India growth story remains intact for the long term. Even over the last two years, the broader domestic focused companies have been in reasonably good shape. We have been seeing a gradual grinding recovery over the last couple of years; it is not just the last quarter phenomenon. In the near term, we see a leg down maybe a 5-10% on account of high valuations, earnings disappointment and global issues.

  • The Goods and Services Tax (GST) bill, which has been pending for many years, is likely to be passed in the coming session of Parliament. The bill, which aims to simplify the indirect tax regime, will be a 'gamechanger' for the country and its implementation will be a big positive for long-term growth, according to analysts. A lot of positions have been built up over the last few days hoping that the passage of the bill would bring cheer to the market, say experts.

NIFTY 3-Month

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