MARKET SUMMARY FOR 07 JULY 2015

 

MARKET SUMMARY FOR 07 JULY 2015

The market ended marginally lower after consolidation. The Sensex was down 37 points at 28171 and the Nifty slipped 11 points at 8510. About 1670 shares advanced, 1153 shares declined, and 157 shares were unchanged. Vedanta, NTPC, Hindalco, Hero Motocorp and ONGC were major laggards while Coal India, HDFC, SBI, Wipro and Sun Pharma were top gainers in the Sensex. Continuing its winning run for the third straight session, Sensex gained over 122 points in early trade today on sustained across-the-board buying by participants amid a rebound in Asian markets. Indian market has an uncanny knack of mostly correctly anticipating the movement in the US market especially on the day’s market there would show a reverse upswing. It exactly panned out that way while the Dow might have closed 46 points down but it recovered well from the day’s low. The sentiment this morning in Asia is quite positive but the SGX July Nifty is trading down by just 2.5 points at 8531 as we write this Market Outlook. Chances are we would see higher Nifty levels of 8550 getting tested in today’s session. It is now entering the most critical supply zone that lies between 8550 and 8596-once this range is decisively taken out we can expect levels of even 8700 coming to the fore; however, we first need a decisive breakout above the 8550 – 8600 range. Till such time the Nifty does not fall below 8493 on sustainable basis, the bulls would not have to bat an eyelid in retaining their advantage.
SECTORS & STOCKS

On the sectoral, Power, IT, Auto indices finished 0.3% lower while Consumer Durables gained 0.7% .Other major losers on the Sensex are Vedanta, Hindalco, Lupin, Cipla and Bharti Airtel, all finishing down between 0.6-2.74% each on the Sensex. Index heavyweight Reliance Industries slip 1.2% as global crude prices plunged overnight. Also, the company announced BSE that it is planning to sell Rs.3.25 crores shares of Network 18 to scale down its promoter shareholding to 75% in a bid to comply with rules related to public ownership in a listed firm. The banking shares ended largely in the positive zone on hopes of a rate cut by the RBI on the back of above-normal monsoons and a pickup in the economy. HDFC ended with 1.47% gains while SBI, Axis Bank, and HDFC Bank gained between 0.76-0.27% each on the Sensex. ICICI Bank finished 0.6% down.Coal India rallied 2%, finishing as the top gainer on the and Britannia Industries to hit their respective 52-week highs on the Bombay Stock Exchange today intraday. NTPC slipped 2.65% after that the government is appointing legal advisors for divesting stakes.From the IT , ahead of the Q1 results on Thursday, TCS finished 0.45% down while Infosys finished 0.21% lower and Wipro ended with 0.5%  gains on the Sensex.