MARKET SUMMARY FOR 24 JULY 2015

The market is still down. The Sensex is down 64 points at 28306 and the Nifty is down 13.00 points at 8576. Axis Bank, Hindalco, TCS, Bajaj Auto and Sun Pharma are top gainers in the Sensex. Among the losers are Wipro, ICICI Bank, GAIL, M&M and Lupin are among losers.The market fell for the second consecutive session on Friday due to continued logjam in parliament for the fourth day and weak Asian cues. Disappointed earnings from Crompton, M&M Financial, TVS Motor and rising NPA woes in banks also dented sentiment. Sensex lost 258 points or 0.91 percent to 28,112 and the Nifty fell 68 points or 0.79 percent to 8521. The market breadth was also weak as about 1587 shares declined against 1272 shares advanced on the Bombay Stock Exchange. Markets remained bearish during the session and finished the day on a dismal note with Nifty closing below the 8,550 mark as investors remained cautious on tepid quarterly earnings coupled with lack of progress in the passage of key reforms in the Monsoon session of Parliament.

TODAY RESULT

Axis Bank Q1 net up 19%.Axis Bank surpassed street expectations on Friday with the first quarter profit growing 18.7 percent year-on-year to Rs 1,978.44 crore despite steep rise in provisions. Profitability was boosted by other income and operating profit, though asset quality weakened a bit due to addition of fresh slippages.
STOCKS

On the sectoral front, all sectoral indices barring BSE Consumer Durables index are trading in red and have lost between 0.4-1.3%. Rate sensitive stocks are trading cautiously ahead of the RBI monetary policy as the insufficient monsoon and rise in inflation has dampened the possibility of a rate cut. ICICI Bank, M&M, Tata Motors, SBI and Bajaj Auto are trading lower between 0.1-3.6%. ICICI Bank and L&T are down 3.6% and 0.7% ahead of the quarterly results due next week. Shares of Reliance Industries are trading 0.9% lower ahead of the quarterly results due today.