MARKET SUMMARY FOR 17 JULY 2015

The Sensex ended unchanged at 28,476 levels up 29 points and the Nifty closed flat at 8,614 levels up 6 points. Benchmark indices continue to trade in a narrow range Sensex and Nifty oscillating between negative and positive zone.About 1378 shares have advanced, 1394 shares declined, and 171 shares are unchanged.  The index looks quite bullish! Even the Asian markets and the SGX July Nifty is also trading a minor premium at 8641 as we write this Market Outlook. In today’s session so long as the 8580-level is maintained, there is no problem for the bulls at all. It could head even higher even if there were to be an intraday dip that does not breach 8580 on a sustained basis. However, crossing the level of 8636 would be quite important for the index since only when it stays above this level then we can expect it to cross 8650 or higher. On the downside, if it were to fall below 8580 on a sustained campaign expect 8543 – 8538 support area getting tested. However, only if the level of 8515 is taken out on any major profit taking the bulls would lose their advantage. Sensex surged over 130 points in early trade today on the back of sustained foreign capital inflows after government eased FDI rules, and a firming trend at other Asian markets. Nifty climbed 34.90 points, or 0.40 per cent, to 8,642.

SECTORS & STOCKS

Shares of Motherson Sumi Systems touched a life high of Rs 539.45, up 3 percent intraday.IT index has gained over 1% followed by counters like FMCG, Healthcare, Auto, Capital Goods, Consumer Durables and Power, all gaining by 1% each. Sectors like Banks, Metal and Realty have declined between 0.1-0.2%.The top gainers are Vedanta, BHEL, Infosys, Tata Motors, M&M, ITC, Tata Steel and Lupin.Capital Goods majors BHEL and L&T continue to rally in today’s trade. BHEL and L&T are up 0.2-2%.Lupin has gained over 1% after receiving an approval from the US Food and Drug Administration (U SFDA) for generic PrandiMet, also known as Prandin used in type 2 diabetes.Shares of Sun Pharma are trading higher by 0.5% after CLSA upgraded the stock. Among its peers, Lupin and Cipla are up 1% each. On the losing side, HDFC has plunged over 2%. Coal India, HUL, Bajaj Auto, Wipro and Axis Bank have slipped between 0.5-2%.