MARKET SUMMARY FOR 16 JULY 2015

The market ended on strong note. The Sensex was up 247 points or 0.9 percent at 28446. The Sensex touched a high of 28,478 points and a low of 28,245 points in the intra-day trade. ended at 3-month closing highs amid a broad-based rally led by financials after the cabinet today approved composite caps in several sectors. and the Nifty was up 85 points or 0.9 percent at 8608. About 1552 shares advanced, 1266 shares declined, and 165 shares were unchanged. The rally mood that started with Iran reaching a deal with the world powers which would allow the country to sell its crude without sanction, govt supported with Petroleum Minister Dharmendra Pradhan’s statement that International oil prices will come down with the imminent lifting of sanctions against Iran and benefit India.Hopes of an RBI rate cut, cheaper oil imports and possibility of further delay in US lending rate hike  propelled a barometer index of the Indian equity markets to provisionally close with gains of more than 275 points on Thursday.The 30-scrip sensex of the Bombay Stock Exchange provisionally closed with gains of over 275 points or 0.98 percent.The wider 50-scrip Nifty of the National Stock Exchange also closed in the green with over 84 points or 0.99 percent up at 8,608.05 points.Meanwhile, the narrowing of trade deficit coupled with strength in the global peers after Greek parliament approved the austerity reforms boosted investor sentiment.

SECTORS & STOCKS

All sectoral indices ended in green with BSE Healthcare, Bankex, Oil & Gas, Power, FMCG and Consumer Durables up between 1-2%.Shares of financials, pharma, oil & gas, manufacturing and mining companies gained across the exchange after Cabinet approved composite cap on foreign investments in various sectors. Also, the possibility of rate cut in the next monetary policy boosted the trading sentiments. Axis Bank, HDFC twins, ICICI Bank, SBI, YES Bank from the financial space surged between 0.8-4.2%.Meanwhile, Cipla, Sun Pharma, Dr Reddy’s Lb and Lupin from the pharma pack rallied between 0.5-1%.BHEL and L&T from capital Goods space gained 2.5% and 0.4% each and Coal India from the mining space gained 0.5%.Reliance Industries gained over 1% as it has entered the 2.7 million tonnes Indian Railways bulk diesel market, challenging state-owned refiners and marketers after a hiatus of nearly eight years. Tata Steel has climbed 0.3% as the pension dispute at their UK business that brought the company to the brink of the biggest industrial dispute in 35 years ended, according to media reports.