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Market Report

Wednesday, 03-Aug-2016

NSE

  • The 30-stock Sensex pack finally closed at 27,697.51 today, down 284.20 points or -1.02 per cent, while the Nifty50 settled at 8,544.85 today, down 78.05 points or -0.91 per cent. What was supposed to be a spectacular day on Dalal Street ended up being a disappointing one.

  • The S&P BSE Sensex opened flat, but quickly lost about 100 points in early trade. The NSE's Nifty50 lost its crucial level of 8,600. Throughout the day, both the equity benchmarks traded with losses. The Sensex was down about 200 points while the Nifty50 was barely above 8,550 when the GST Bill was tabled. Within one hour of the GST debate in the Rajya Sabha, the 30-share Sensex lost about 300 points and the broader Nifty50 broke below 8,550.

  • Benchmark indices ended nearly 1% lower, amid weak global cues, with FMCG major ITC leading the decline on worries that post the proposed amendments to the GST Bill would result in higher effective tax rate for the company.

  • Experts believe the market action will be driven by the GST outcome from here on. We have had a very good show last month. The market was really strong and now as we head into the GST debate, the GST rate becomes the key. Is it going to be 18 per cent or 20 per cent? Eighteen per cent is positive, 20 per cent is negative, and so these details now become the next leg to determine where the market goes from here, said Chakri Lokapriya of TCG AMC.

NIFTY 3-Month

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